EIA outlook pegs summer gasoline prices lower than 2012

According to the US Energy Information Administration’s latest Short-Term Energy Outlook, the retail price for regular gasoline during the summer driving season is expected to average $3.63/gal. This price is slightly below average prices over the last two summers, reflecting a small decline in crude oil prices and expected gasoline consumption, as well as higher gasoline inventory levels.

As the main contributor for less-expensive gasoline, the average price of Brent crude oil is expected to average $107.50/bbl this summer, down 1.4% from last summer.

US gasoline inventories for the 2013 summer driving season started at 220 million bbl compared with 219 million bbl a year ago. Withdrawals of gasoline from inventories this summer are expected to be about one half of last year’s level of 98,000 b/d and inventories are forecast to stabilize by the middle of summer and end the season at almost 210 million bbl.

Other major characteristics of EIA’s forecast about the 2013 summer gasoline market include:

• Gasoline consumption is expected to be down 20,000 b/d (–0.2%), as a 0.3% rise in highway travel is more than offset by improvements in vehicle fuel efficiency.

• Gasoline production may increase by 20,000 bbl/d (0.3%)

• Net imports of gasoline are expected to be 1.1% lower than in 2012.

Contact Conglin Xu at conglinx@ogjonline.com.

Related Articles

GAO report links changed US refining outlook to main causes

04/16/2014 Higher North American crude oil production, shrinking product markets, and a pair of federal regulations have significantly affected the US refinin...

PNR closes sale of Alaska subsidiary

04/16/2014 Pioneer Natural Resources Co. (PNR), Dallas, has completed the sale of its subsidiary Natural Resources Alaska Inc. to Caelus Energy Alaska LLC, Da...

MARKET WATCH: Crude oil prices fall as talks start on Ukraine

04/16/2014 Prices for light, sweet crude oil fell modestly on the New York market Apr. 15 while gasoline futures reached their highest level since Aug. 29, 20...

GAO: Scant information exists about NEPA analyses’ costs, benefits

04/15/2014 Little information exists about the costs and benefits of analyses required under the National Environmental Policy Act, the Government Accountabil...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected