Gasoline prices won’t stop rising through the Memorial Day holiday until finally peaking in June, when they will begin to fall, the federal government said this week.
The Energy Information Administration released its weekly oil price analysis as the cost of gasoline reached nearly $4 per gallon in some parts of the country in the last week.
Gasoline retail prices have been tracking higher for months, with the cost of making a gallon of fuel reaching a 25-year high between February and March, according to the administration.
But that should level out beginning in the summer, as officials forecast gasoline prices lowering with the projected fall in crude oil prices, the “Week in Petroleum” report reads.
The Energy Information Administration projects that the Brent crude oil price will average $67 per barrel this summer, compared with an average of $75 per barrel last summer. The price of oil is the largest factor in setting the per-gallon price of gasoline. The Brent oil price on Wednesday hovered around $71 per barrel.
Gasoline prices are projected to keep rising from the April average of $2.74 per gallon to a summer peak of $2.83 per gallon in June. Prices will then fall gradually to $2.66 per gallon by September, according to the administration.
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