Gasoline prices
EIA forecasts a $2.27-per-gallon retail average for regular-grade gasoline in the 2016 summer driving season (April through September). This projected summer average is 6 cents per gallon (CPG) higher than EIA forecasted in May’s STEO, but still 36 CPG lower than the summer 2015 average. The agency expects June to see the yearly peak at an average of $2.36 per gallon, with lower prices for the second half of 2016.
The regular gasoline retail forecast for 2016 is now at $2.13 per gallon, 5 CPG higher than EIA projected in May’s STEO. The agency forecasts a $2.27-per-gallon average for 2017, up 3 CPG from last month’s projection.