DOE/EIA Project US Gasoline Price Peak AT $4.15 By August - Reuters

[hatrack]

WASHINGTON (Reuters) - U.S. gasoline prices will continue to march to record highs this summer before peaking at $4.15 per gallon in August, the Energy Information Administration said on Tuesday.

Last month, the EIA projected gasoline prices would peak in June at $3.73 per gallon of regular grade fuel.

Ed. - emphasis added. Oops.

EIA also projected that gasoline, which averaged $2.81 per gallon last year, will average $3.78 per gallon in 2008, up more than 25 cents from last month's outlook.

"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. In 2009, gasoline prices were projected to average $3.92 per gallon, up 48 cents from the previous outlook.

EDIT

http://www.reuters.com/article/ousiv/idUSWBT00915320080610?rpc=401&

[NickB79]

1. Has the EIA changed their logo to Bobo the Circus Clown yet?

Because they've officially become a laughing stock, IMO. Their "projections" are so far off the mark, I don't know what they're being paid to do anymore.

[rdenney]

2. It wont peak in August.

[madrchsod]

3. it`s almost 4.15 in northern illinois

i`m figuring 5 by august

[tom_paine]

4. Followed by the Phony Even-Year Election Price Drop to help McBush in Nov.

Wait for it. Gas may fall to $3.25 or maybe even back below $3.00, mostly because it's a crucial psychological barrier that will increase "the junkie's sigh" in the Amerikan Subject populace.