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U.S. gasoline prices 4 cents higher year-on-year

Prices at the pump should fall through summer.
By Daniel J. Graeber   |   June 11, 2014 at 9:29 AM   |   Comments

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WASHINGTON, June 11 (UPI) --Gasoline prices through the summer could be as much as 4 cents higher than the same time last year, the U.S. Energy Department said.

The average retail price for a gallon of regular unleaded gasoline in the United States for Wednesday was $3.63, reports motor club AAA. That price has held steady for nearly a month.

The U.S. Energy Information Administration said in its monthly report, published Tuesday, the summer average is near its expected peak of $3.62 per gallon, which is 4 cents higher year-on-year.

EIA, the statistical arm of the Energy Department, said the retail price for a gallon of gasoline is largely based on the price of crude oil and the difference between that price and the price for wholesale gasoline.

In last week's report on the U.S. petroleum sector, the administration said refineries were working at 90.8 percent capacity and gasoline production had declined.

EIA said the price for a gallon of regular unleaded gasoline peaked at $3.71 for the last week of April. The national average of $3.29 for the first week of February was the lowest for the year.

Prices should fall through summer with an expected average of $3.54 per gallon in September. For the year, EIA expects an average price per gallon of $3.50, 1 cent lower than the yearly average for 2013.

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