The average retail price for motor gasoline this summer (April through September) is expected to be $2.67 per gallon, the lowest price (in real dollars, meaning adjusted for inflation) since 2009, based on projections in EIA’s July Short-Term Energy Outlook (STEO). This decline is mainly the result of the projected 41% year-over-year decline in the average price of North Sea Brent crude oil. Travel and gasoline consumption are expected to be higher this summer compared to levels in 2014. Motor gasoline consumption is expected to increase by 194,000 barrels per day (b/d), up 2.1% from last summer, reflecting higher real disposable income, substantially lower retail motor gasoline prices, and higher employment and consumer confidence. graph of monthly U.S. motor gasoline product supplied, as explained in the article text Source: U.S. Energy Information Administration, […]