Driven in large part by falling crude oil prices, U.S. regular gasoline retail prices fell to an average of $3.49/per gallon (gal) in August, 12 cents below the July average and 21 cents below the average in June. U.S. regular gasoline retail prices are projected to continue to decline to an average of $3.18/gal in December, 12 cents lower than projected in last month’s STEO. EIA expects U.S. regular gasoline retail prices, which averaged $3.51/gal in 2013, to average $3.46/gal in 2014 and $3.41/gal in 2015, 4 cents lower and 6 cents lower than last month’s STEO, respectively. Weakening global demand and increased Libyan oil exports contributed to a drop in the North Sea Brent crude oil spot price to an average of $102 per barrel (bbl) in August, $5/bbl lower than the July average and $10/bbl below the average in June. For the first time in 14 […]