U.S. Gasoline Prices Near Record High Due to Refinery Outages
May 9, 2007
The average retail price for gasoline in the United States is now at or near its record nominal price. The Gasoline and Diesel Fuel Update, issued on May 7th by DOE's Energy Information Administration (EIA), places the U.S. average price for regular unleaded gasoline at $3.054 per gallon, just short of the $3.07 peak that was achieved in September 2005. As of May 8th, the American Automobile Association (AAA) says the current average is $3.036 per gallon, while it lists the record price as $3.057 per gallon. See the Gasoline and Diesel Fuel Update and the latest AAA Fuel Gauge Report.
According to EIA's Short-Term Energy Outlook, issued on May 8th, problems at refineries in the United States and abroad are mainly to blame for the high gasoline prices, although strong global demand is also holding down imports. Those factors are keeping gasoline inventories below normal, leading the EIA to boost its projection for summer gasoline prices by 14 cents per gallon. The EIA now expects the price for regular unleaded gasoline to average $2.95 per gallon this summer. See the Short-Term Energy Outlook.