WASHINGTON, D.C. — The U.S. Energy Department's new seasonal outlook projects the price for regular grade gasoline this summer will average $2.62 a gallon, 25 cents higher than last summer. Gasoline prices have soared since February.
Growing global demand, high crude-oil costs, requirements for low-sulfur gasoline, and greater demand for corn-based ethanol as an additive all "are expected to keep consumer prices for motor fuels... high in 2006," said the report by the department's Energy Information Administration. The high prices aren't expected to damp demand during the April-September heavy driving season.
Source: Wall Street Journal