This could be good news if it peaks at ONLY $4.15.
EIA Ups Gas Price Forecast, Expects Peak Of $4.15/Gallon In August(RTTNews) - The Energy Information Administration has upped its forecast for gasoline prices this summer, predicting that gas will peak at a nationwide average of $4.15 per gallon in August. Gas reached another record high Tuesday, tacking on 2 cents to $4.043 per gallon, according to a survey of gas stations by AAA.
Last month the EIA called for an average price of $3.54 per gallon between April and September, peaking at $3.73 in June. The agency is now predicting an average of $3.78 per gallon in 2008, nearly $1 more per gallon than in 2007. Diesel is expected to average $4.32 per gallon in both 2008 and 2009, tacking on $1.44 from last year's average.
"This forecast reflects a sizable narrowing of refiner gasoline margins from those of last year because of weakness in gasoline demand and growth in ethanol supply," the EIA said.
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