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Gas Prices This Summer Will be Higher Than 2016

Drivers in the U.S. will pay an average of $2.46 per gallon (gal) this summer for regular gasoline, according to forecasts in EIA’s Short-Term Energy Outlook. Gasoline prices from April through September are expected to be 23 cents/gal higher than the average price last summer, but this price is still nearly 70 cents/gal below the previous five-year average. The gasoline price increase this summer primarily reflects slightly higher forecast crude oil prices.

EIA forecasts U.S. regular gasoline prices to average $2.39/gal over the full year of 2017. Based on the Bureau of Labor Statistics’ Consumer Expenditure Survey's latest estimates for average U.S. household expenditures on gasoline and anticipated gasoline price changes, EIA estimates the average household will spend about $200 more on gasoline in 2017 than in 2016, when gasoline prices were the lowest since 2004. 

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