Make us your home page
Instagram

Summer gas prices expected to exceed last year's

NEW YORK — Americans will pay an average of 48 cents a gallon more for gasoline this summer than in 2009, but will nevertheless consume about 0.5 percent more of the automotive fuel after Memorial Day as the economy picks up steam, according to government projections released Tuesday.

The expected 20 percent jump in gasoline prices from last summer led the U.S. government's energy research arm to issue a cautious outlook for gasoline consumption in the 2010 summer driving season, the traditional height of highway travel in the world's largest market for fossil fuels.

A driver with a 15-gallon tank will pay an extra $7.20 to fill up, a cost that could weigh on some drivers' transportation plans, said Neil Gamson, an economist with the Energy Information Administration.

"For a teenager who doesn't have a lot of discretionary income, there's going to be some effect" on driving, Gamson said.

Prices aren't expected to change drastically from current prices, with gasoline seen at about $2.92 a gallon, with spikes up into the $3 range over parts of the country.

Currently, gasoline sells for an average of about $2.83 a gallon nationally, according to the AAA Daily Fuel Gauge report.

In Florida, the average is $2.85, while in the Tampa Bay area, it is $2.80.

All told, Americans will consume about 9.164 million barrels of gasoline per day during the 2010 summer driving season, up from 9.119 million barrels in 2009.

That's an increase of about 0.5 percent, slower than last year's growth rate of 0.8 percent.

Retail price projections reflect higher prices for the refiner acquisition cost of crude oil, expected to average about $79 per barrel this summer compared with the $62-per-barrel average of last summer.

The EIA kept its forecast for world oil consumption this year at an increase of 1.5 million barrels per day in 2010.

It sees an increase of 1.6 million barrels per day in 2011, similar to last month's forecast.

Oil prices "will likely continue to firm and increase slightly in response to the global economic recovery," the EIA said.

Summer gas prices expected to exceed last year's 04/06/10 [Last modified: Wednesday, April 7, 2010 7:03am]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, MarketWatch.
    

Join the discussion: Click to view comments, add yours

Loading...
  1. Port Tampa Bay secures $9 million grant to deepen Big Bend Channel

    Business

    Port Tampa Bay has secured a $9 million grant from the U.S. Army Corps of Engineers for the widening and deepening of the Big Bend Channel in southern Hillsborough County.

  2. Tampa International Airport morphing into a mini-city unto itself

    Airlines

    TAMPA — By the end of the 2026, Joe Lopano wants Tampa International Airport to function as its own little city.

    Artist rendering of phase two of the $1 billion construction expansion of Tampa International Airport. The airport is transforming 17 acres of airport property that will include at least one hotel, retail and office space and a gas station, among other things.
[Courtesy of Tampa International Airport]
  3. Lost Highway: As FHP struggles to recruit, speeding tickets plummet

    State Roundup

    TALLAHASSEE — The number of speeding tickets written by Florida state troopers has plunged three straight years as the agency grapples with a personnel shortage and high turnover.

    State data shows FHP troopers are not writing violations for speeding or other infractions like they did back in 2011, even though there's 1 million more licensed drivers in Florida.
  4. Kidpreneurs — and adults — capitalize on gooey, squishy Slime craze

    Retail

    Aletheia Venator and Berlyn Perdomo demonstrate the stretchiness of their slime. - Berlyn Perdomo and her friend, Aletheia Venator, both 13, make and sell slime which can be seen on their instagram site @the.real.slimeshadyy [JIM DAMASKE   |   Times]
  5. The last farmer of Florida's prized Zellwood corn is thinking of packing it in

    Consumer

    MOUNT DORA — Hank Scott steps out of his pickup between the long rows and snaps off an ear that grows about bellybutton-high on the forehead-high stalks.

    Hank Scott, co-owner of Long and Scott Farms, shucks an ear of corn on the farm in Mount Dora, Fla., on Wednesday, May 10, 2017. The farm specializes in Scott's Zellwood Triple-Sweet Gourmet Corn. LOREN ELLIOTT   |   Times