McClatchy: Energy Department forecasts soaring gasoline prices

[babylonsister]

Energy Department forecasts soaring gasoline prices
By Kevin G. Hall | McClatchy Newspapers

* Posted on Tuesday, April 8, 2008



In the latest bit of bad news for cash-strapped consumers, the Energy Information Administration released its annual report on the outlook for summer fuels Tuesday and predicted that average gasoline prices will shoot up to $3.60 a gallon in June and remain nearly that high into fall.

In a report released before a presentation scheduled for 11 a.m., the EIA — the statistical and analytical arm of the Energy Department — says that it expects gasoline prices to peak in June to just over $3.60 a gallon for regular unleaded. The monthly average diesel price is expected to peak at just over $3.90 per gallon this month.

The report covers the summer driving season, defined as April 1 to Sept. 30. The EIA thinks that the average gasoline price over that period will be around $3.54 a gallon nationwide. That price might lead Americans to drive less and use less gasoline over the summer period, the report says.

"The current record high prices for both crude oil and product prices belie the weakness in U.S. product demand," the EIA said. "This weakness is expected to be a prominent feature of the summer driving season."

The report's authors warned that $3.60 a gallon may be a bargain, given that "it is possible that prices at some point will cross the $4 per gallon threshold" in certain parts of the country. The report says that high-price states such as California, where gasoline cost 32 cents per gallon above the national average in March, are pulling up the national average.

more...

http://www.mcclatchydc.com/227/story/32993.html

[acmavm]

1. NO SHIT!

[mike_c]

2. ahem....

[BarbaRosa]

3. Another CrackerJack forecast

from this misadministration.

[Supersedeas]

4. and Dimson claims the economy is poised for a rebound

[shanti]

5. too late

it's already over that here in sacramento :mad:

[trof]

6. And I predict rain will fall somewhere on the planet today.

Both are inevitable.

[Mountainman]

7. It was $3.81 here yesterday. $3.75 the day before for 87 octane.

Santa Maria, CA 93455

[bullwinkle428]

8. Then, when it drops back to an even $3 during campaign season,

we'll all be expected to thank the Republicans for saving us from high gas prices by voting them back into the White House!!! :banghead: