The U.S. Energy Information Administration (EIA) released its latest Short Term Energy Outlook, forecasting regular average gas prices peaked in July but remaining high in August.
The forecast calls for average regular gasoline prices to reach $3.12 a gallon in August. That would be just 2 cents a gallon shy of July’s $3.14 average. July’s average price was the highest monthly average since October 2014, EIA stated.
EIA forecast regular gasoline prices averaging $3.08 a gallon in the third quarter, falling to $2.82 a gallon in the fourth quarter.
“The expected drop in retail gasoline prices reflects our forecast that gasoline margins will decline from elevated levels, as is typical in the United States during the second half of the year,” EIA stated.
EIA forecasts 2022 average regular gasoline prices at $2.73 a gallon, peaking at $2.82 a gallon in the second quarter.
Diesel prices are forecast to reach $3.24 a gallon in August, falling to $3.21 a gallon by the end of 2021. The third quarter average diesel price would reach $3.27 a gallon.
EIA forecast average diesel prices in 2022 to reach $3.07 a gallon.
