estimated gas price predictions summer 2011

estimated gas price predictions summer 2011 ; The national average price of regular gasoline rose 1.8 cents to $ 3.07 per gallon in the week ending Monday, the Energy Information Administration said. The price remained at its highest rate since October 13, 2008, for the fifth consecutive week. Prices are up 7.5%, or 21.4 cents, in the period. Prices are 15.2%, or 40.5 cents above a year ago, making the biggest premium since May 1917.

The increase in pump prices comes as crude oil futures rose above $ 90 a barrel, the highest level since October 2008, and gasoline futures prices have followed. Gasoline demand is stronger than expected in recent weeks and inventories at December 24 were sufficient to 22.9 days of demand, the lowest level since early September 2009 cover. Demand in the last week was the strongest since mid-August when the summer driving peak and appetite for gasoline in December was the strongest for the month since 2007.

Retail prices are now 25.4% lower than the record price of $ 4.114 a gallon hit July 7, 2008, the EIA data show.

The EIA said in its December 7 Short-Term Energy Outlook expects gasoline prices average $ 2.90 a gallon this month, an increase of $ 2.72 one year ago. That would be the highest price information in January since 2008. The price forecast is based on the U.S. benchmark crude averaged $ 84 per barrel this month, an increase of nearly $ 78.33 one year earlier. Front-month Nymex crude oil futures opened the year at $ 91.55 a barrel on Monday, its highest price since October 2008.

The price of crude oil is by far the biggest factor in retail gasoline prices, accounting for 71% of the price in November, EIA said. Awards in all regions, led by a 2.5 cent gain on the Gulf Coast.

AAA Daily Fuel Gauge Report said Monday that gasoline averaged $ 3.072 a gallon, up 3 cents from one week ago, and up15 cents from one month ago. Retail gasoline was $ 2.660 per gallon one year ago, AAA said.

Region                Change Vs          Price
                     Week Ago           Per Gallon
East Coast            +1.6c              $3.082
Midwest               +1.6c              $3.064
Gulf Coast            +2.5c              $2.923
Rocky Mountains       +2.4c              $2.848
West Coast            +1.7c              $3.236
California            +2.1c              $3.308

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