May 15, 2006: Costly Crude Oil to Keep Gasoline Prices High Through 2007
WASHINGTON -Retail prices for regular gasoline will average $2.57 per gallon through 2007, according to the latest report from the U.S. Department of Energy's (DOE's) Energy Information Administration (EIA). The EIA's Short-Term Energy Outlook has also upped the projection for this summer's gasoline prices by nine cents, to an average price of $2.71 per gallon for regular gasoline.
The EIA expects fuel prices to be lower by September, although any news of tropical storms or hurricanes that threaten Gulf Coast energy production "could add to volatility in near-term prices in the latter part of the summer." According to the American Automobile Association's Fuel Gage Report, the average U.S. price for regular gasoline is currently at $2.90 per gallon.