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WASHINGTON, D.C. -- The Energy Information Administration (EIA) once again downgraded its forecast for prices at the pump this summer, according to a report by The Oilspot News. In its latest Short Term Energy Outlook, released June 11, the EIA lowered its predicted average price for a gallon of regular gasoline from $3.79 to $3.60 during the April-September driving season.
The agency attributed the change to steep declines in crude oil prices.
"As a result of higher crude oil costs, monthly average regular-grade gasoline prices peaked at $3.90 per gallon in April 2012 compared with an average of $3.53 per gallon in 2011," stated the EIA.
Regular gasoline retail prices are expected to average $3.56 per gallon over all of 2012. Retail diesel fuel prices are forecast to average $3.90 per gallon, up from 2011 but down $0.16 from last month's report, and $3.87 during 2013. Wholesale gas margins are expected to average $0.44 per gallon in 2012 and $.41 in 2013. The previous five-year average was $0.40 per gallon.
"In contrast, wholesale diesel margins are robust during the forecast interval due to strong world-wide demand for the fuel," said the EIA. "In 2012, those margins average 63 cents per gallon, 2 cents higher than the 2011 average and higher than the previous five-year average of 52 cents per gallon."
The agency also reported that it expects crude oil prices to remain relatively flat in 2013.