US regular gasoline retail prices are expected to average $2.33/gal in 2015, down from $3.36/gal in 2014, according to the Energy Information Administration’s (EIA) latest Short Term Energy Outlook (STEO). As a result, the average household is now expected to spend about $750 less for gasoline in 2015 compared with last year, EIA says. The projected regular gasoline retail price increases to an average of $2.73/gal in 2016. Driven largely by falling crude oil prices , US weekly regular gasoline retail prices averaged $2.04/gal on Jan. 26, the lowest since Apr. 6, 2009, before increasing to $2.19/gal on Feb. 9. Brent, WTI prices unchanged EIA’s price outlook is unchanged from last month’s forecast ( OGJ Online, Jan. 13, 2015 ). The administration expects Brent crude prices will average $58/bbl in 2015 and $75/bbl in 2016, with 2015 and 2016 annual average West Texas Intermediate prices […]