In reviewing the Short Term Energy Outlook which was released on August 9th, the below product prices for regular gasoline and diesel pricing were forecast for 2016 and 2017:
Product Prices: “EIA expects the retail price of regular gasoline to average $2.19/gal during the 2016 summer driving season (April through September), 6 cents/gal lower than projected in last month’s STEO and 44 cents/gal lower than the price in summer 2015. EIA expects that the U.S. average retail price of regular gasoline reached a peak of $2.37/gal in June and will fall to an average of $2.05/gal in September and to an average of $1.92/gal in December. The U.S. regular gasoline retail price, which averaged $2.43/gal in 2015, is forecast to average $2.06/gal in 2016 and $2.26/gal in 2017, 6 cents/gal and 2 cents/gal lower, respectively, from the July STEO. The diesel fuel retail price averaged $2.71/gal in 2015. Diesel prices are forecast to average $2.30/gal in 2016 and $2.70/gal in 2017.”
>> Click here to access the entire Short Term Energy Outlook from the Energy Information Administration.