Aug. 14, 2007: Gasoline Prices to Drop More Despite Record Oil Prices
After peaking at record prices of $3.22 per gallon on May 21, the average retail price for regular unleaded gasoline fell by almost 40 cents per gallon as of last week, thanks to increased production at U.S. refineries. The EIA expects regular unleaded gasoline to average $2.64 per gallon come December.
Crude oil prices set a number of records in recent weeks, with the highest prices achieved in the spot market for Brent crude oil. According to the EIA, the spot prices for Brent crude peaked at $79.09 per barrel in late July.
Publication date: 08/13/2007