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ENERGY MATTERS: Gasoline May Have Summer Fling With $4/Gal
By Mr Ethanol | March 12, 2008
CattleNetwork.com:
Soaring U.S. gasoline prices, already at record highs, will climb further this summer, and a brief flirtation with $4 a gallon can’t be ruled out for some buyers, a government forecast said Tuesday.
But the Energy Information Administration said pump prices, now at $3.225 a gallon before the start of the peak summer driving season, are likely to top out at a monthly average of $3.48 a gallon for regular nationwide in May. 
For the six-month April-September season, prices are projected to average $3.365 a gallon, nearly 15%, or 40 cents a gallon, above a year ago. Current weekly prices are a devilish 66.6c above a year ago.
“There is a significant possibility that prices during some shorter time period, or in some region or sub-region, will cross the $4 per gallon threshold,” but the summer average will be well under that level, EIA said in its Short-Term Energy Outlook.
That summer fling aside, the march of higher oil prices continues. Surging crude oil prices, which inched near a record $110 a barrel in the futures market Tuesday before settling at $108.75, are the main culprit.
The cost of crude accounts for 68% of the price of gasoline, according to EIA, the independent, analytical and statistical wing of the Department of Energy. Still, EIA’s forecasts in March for summer season gasoline prices has been far short of the target in recent years. Lowball Price Forecasts… read on.
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