May 14, 2007: U.S. Gasoline Prices Soar Due to Refinery Outages
According to EIA's Short-Term Energy Outlook, problems at refineries in the United States and abroad are mainly to blame for the high gasoline prices, although strong global demand is also holding down imports. Those factors are keeping gasoline inventories below normal, leading the EIA to boost its projection for summer gasoline prices by 14 cents per gallon. The EIA now expects the price for regular unleaded gasoline to average $2.95 per gallon this summer.
Publication date: 05/14/2007