During the April-September summer driving season this year in the US, regular gasoline retail prices will average $3.66/gal, 8¢/gal higher than last year and 4¢ higher than projected last month, according to a forecast from the US Energy Information Administration in its July Short-Term Energy Outlook (STEO). As lower refinery margins more than offset higher crude oil prices , regular gasoline retail prices are projected to fall from an average of $3.68/gal during the second quarter to $3.64/gal during the third quarter. EIA expects regular gasoline retail prices to average $3.54/gal in 2014 and $3.45/gal in 2015. This compares to the agency’s forecasts of $3.50/gal in 2014 and $3.38/gal in 2015 in last month’s STEO. In the recent monthly outlook, total US liquid fuels consumption is expected to average 18.88 million b/d in 2014, 50,000 b/d lower than projected in June, and 18.95 million b/d in 2015, compared […]