The average cost of a gallon of gas decreased a wee bit from record levels Tuesday and some car owners saved a few pennies, but but the government curtailed the celebration by announcing that gas prices could rise as high as $4 per gallon this Summer.
Oil futures prices, meanwhile, fell as the dollar stabilized, giving investors an opportunity to lock in profits from crude's recent rally. Limiting the declines were developments in Iran, which announced plans to expand its uranium enrichment program and said it has tested key equipment, a move that raised the market's concerns about political conflict that could affect the country's oil exports.
The monthly report, just issued by the Energy Department’s Information Administration, forecast the average price at the pump will peak at $3.60 in June but could rise above $4 in the Summer months. It is actually higher than previous projections by a dime and more in line with other forecasts from other sources.
The government also predicted high prices will cut demand for gasoline at the height of the summer. gas consumption will fall by about 0.4 percent during the peak summer months, and overall consumption of petroleum products will drop by 90,000 barrels a day this year, the EIA said. The agency previously said petroleum consumption would rise by 40,000 barrels a day.
Americans are already driving less for the first time in decades over the first few months of 2008.
On Tuesday, regular unleaded gas prices slipped slightly to a national average of $3.331 a gallon from Monday's record of $3.339, according to AAA and the Oil Price Information Service. Prices are 55 cents higher than a year ago.
The primary reason for the increase in cost of gasoline is the cost of a barrel of crude oil which just yesterday rose above $112! And one of the reasons for that increase is the rapid decline of the US dollar.
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