Highlights During the April-through-September summer driving season this year, regular gasoline retail prices are forecast to average $3.61/gallon (gal), 3 cents higher than last year and 4 cents higher than projected in last month’s STEO. The projected monthly national average regular gasoline retail price falls from $3.72/gal in May to $3.51/gal in September. EIA expects regular gasoline retail prices to average $3.48/gal in 2014 and $3.39/gal in 2015, compared with $3.51/gal in 2013. Brent crude oil spot prices averaged $108/barrel (bbl) in April. This was the 10th consecutive month in which the average Brent crude oil spot prices fell within a relatively narrow range of $107/bbl to $112/bbl. New pipeline capacity from the Midwest into the Gulf Coast helped reduce inventories at the Cushing, Oklahoma storage hub to 25 million barrels by the end of April, the lowest level since October 2009. The discount of WTI crude oil to […]