Summertime Gasoline Price Outlook
In early April 2007, the federal government’s Energy Information Administration released its projections for summertime gasoline prices:
The latest daily, weekly and monthly Nebraska average gasoline and ethanol prices — as well as prices in seven cities are available online at the Energy Office’s web site.
Recent and continuing international tensions amplify the effects of already tight international petroleum markets as the summer season — from April through September — begins. Simultaneously, unanticipated refinery problems in the United States and abroad, reduced gasoline supplies resulting in seasonal price increases about a month earlier than the norm.
- As a result of tight oil markets and continued international uncertainty, the price of West Texas Intermediate crude oil is expected to average over $65 a barrel this summer — compared with $70 per barrel last summer — and average about $64 per barrel in 2007.
- Based on recent past experiences, petroleum prices are subject to significant volatility, particularly when markets are tight and tensions in oil exporting nations are high.
- Retail gasoline prices surged in February and March, rising by more than 60 cents a gallon due to higher crude oil prices, unplanned refinery outages, increased demand for gasoline and low levels of gasoline imports from Europe. The rapid rate of price increase is projected to slow over the next few months.
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