EIA: Retail Gasoline Price Rise
Up 5.5 cents after 13 weeks of declines
WASHINGTON -- The national average retail price of regular gasoline rose 5.5 cents a gallon to $3.411 a gallon in the week ended Monday, the Energy Information Administration (EIA) said, according to The Wall Street Journal.
The rise was the first since April 2. Prices had fallen by 58.5 cents in the previous 13 weeks. Those declines started from a price that was the highest since mid-May 2011.
Even with the increase this week, gasoline prices are 23 cents below a year ago. That's the biggest year-on-year price deficit since Oct. 19, 2009, said the report.
Gasoline futures prices have gained in three of the past four days, reaching levels last seen in late May.
Nationwide retail prices are 17.1% below the record price of $4.114 a gallon hit July 7, 2008, the EIA data show.
Retail gasoline prices are averaging $3.3835 a gallon so far this month.
In its June Short-Term Energy Outlook, the EIA said it expects gasoline prices this month would average $3.48 a gallon, down from $3.65 a year ago. That forecast is based on U.S. benchmark crude averaging $91 a barrel this month, down from $97.30 a year ago. Front-month Nymex crude oil futures have averaged $85.81 a barrel so far this month.
The EIA said the crude price accounts for 66% of the cost of gasoline.
Prices fell in the Rocky Mountains and West Coast regions, but rose elsewhere, led by an 11.9-cent jump in the Midwest.
AAA Daily Fuel Gauge reported Monday gasoline prices were $3.382 a gallon, up from $3.326 a gallon a week ago. The price was down from $3.547 a month ago and was below the year-ago level of $3.615 a gallon.