The US Energy Information Administration (EIA) forecasts an increase in demand for petroleum products during the 2021 summer driving season as the impacts of COVID-19 diminish in the United States. EIA’s annual Summer Fuels Outlook, released today with EIA’s Short-Term Energy Outlook (STEO), expects a 15% increase in US highway travel this summer but still less highway travel than in the summer of 2019. EIA also forecasts the Brent crude oil price will average $64 per barrel this summer, a 78% increase from last summer’s average of $36 per barrel. That price increase paired with an increase in gasoline and diesel demand will likely increase the cost of regular gasoline and diesel fuel this summer. EIA expects the retail price of regular-grade gasoline in the United States will average $2.78 per gallon this summer, compared with last summer’s average of $2.07/gal. For diesel fuel, EIA expects retail prices to […]