|
Press Releases | |
|---|---|
EIA ReportsU.S. ENERGY INFORMATION ADMINISTRATION U.S. Average Gasoline Prices Back Over $1 per GallonThe average retail price for regular gasoline in the United States surpassed $1 per gallon this week, for the first time in over 4 months, according to data collected by the Energy Information Administration (EIA). As of March 22, 1999, the national average cash self-service price of regular gasoline was 101.7 cents per gallon, up 4.0 cents from the previous week. The average price has risen a total of 11.0 cents since reaching a low of 90.7 cents on February 22. This week's average price is the highest since October 19, 1998, when prices were in the midst of an eight-month decline. Rising crude oil prices and refinery problems are cited for the recent price increases, which are occurring earlier than the typical demand-driven spring gasoline price rise. The current average price is 1.7 cents per gallon higher than the price a year ago, the first year-to-year increase since October 1997. Crude oil prices worldwide have risen strongly over the past month, after reaching 12-year lows in early December 1998, then vacillating at historically depressed levels until mid-February 1999. Prices began to climb in late February, in anticipation of action by major producing countries ahead of this week's meeting of the Organization of Petroleum Exporting Countries (OPEC). As expected, a group of the largest oil exporters agreed on March 12 to cut crude oil production by 2 million barrels per day, starting in April. Even without changes in crude oil prices, gasoline prices typically rise in the spring, as refiners and marketers prepare for the summer driving season. Peak summer demand generally exceeds U.S. refinery production, requiring additional supplies to be made up from imports and inventories. This year is expected to be no exception. EIA's forecast for petroleum supply, demand, and prices, including the summer outlook for gasoline, will be included in the Short-Term Energy Outlook, scheduled to be released on April 8, 1999. In addition to the usual seasonal gasoline price pattern, prices have been affected in the past month by problems at a number of refineries, particularly on the West Coast. A fatal accident resulted in the shutdown of a San Francisco-area refinery for up to three months or more, while other refineries throughout the nation have had unanticipated shutdowns of key units. These problems have had the greatest impact in California, where retail prices have risen 13.0 cents per gallon in the past 5 weeks, while a combination of influences have driven prices in the Midwest up by 16.2 cents. EIA's weekly gasoline price data are updated each Monday by 5:00 PM and are available by going to EIA's World Wide Web site (http://www.eia.doe.gov) and then selecting "Petroleum" or by going directly to: Weekly updates to the gasoline price data can be automatically sent via e-mail each Monday afternoon. To sign up for this service, go to http://tonto.eia.doe.gov/email/index.htm#om and then select "Weekly retail gasoline prices." The price data are also available on a prerecorded telephone hotline at (202) 586-6966 and in the publication Weekly Petroleum Status Report. EIA's Short-Term Energy Outlook is published monthly on EIA's Web Site and can be accessed at http://www.eia.doe.gov/emeu/steo/pub/contents.html. For more information contact the National Energy Information Center on (202) 586-8800.
EIA Program Contact: John Cook, (202) 586-5214 EIA-99-05 Contact:
|