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U.S. ENERGY INFORMATION ADMINISTRATION Consumers See Lowest Summer Gasoline Prices On RecordAccording to the Energy Information Administration (EIA), U. S. motorists have experienced the lowest summer gasoline prices on record, adjusted for inflation. As of July 27, retail regular gasoline prices averaged 105.0 cents per gallon, roughly 14.5 cents lower than at this same time last year. After adjusting for inflation, consumers this past spring saw retail motor gasoline prices reach their lowest level ever at 100.5 cents per gallon. The low gasoline prices are primarily due to weak crude oil prices, which averaged about $15.27 per barrel, about $6.00 (14.3 cents per gallon) lower for the first half of 1998 than 1997. Additional downward price pressure has come from strong gasoline production and imports, which have been more than adequate to meet moderate gasoline demand growth in 1998. Preliminary EIA data indicate that consumers have been buying higher grades of gasoline, given lower prices, rather than simply increasing their driving. Purchases of premium grade gasoline have increased 7 percent from April 1997 to April 1998. Prices may have reached their bottom though, as gasoline consumption typically increases when motorists head into the remaining vacation weeks. Consumers may see price increases at the pump of roughly 2-3 cents per gallon before Labor Day, according to EIA's Short-Term Energy Outlook, but high stocks and continued high refinery runs may dampen that increase. Motor gasoline prices are collected on a weekly basis and are available through EIA's Hotline at 202-586-6966. Data are also published in the Weekly Petroleum Status Report and can be accessed directly on EIA's Internet Web Site at http://www.eia.doe.gov/oil_gas/rtlgas.txt. The 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.
EIA Program Contact: John Cook, 202/586-5214 EIA-98-18 Contact:
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