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Originally Posted by Donger
Now $3.07 and still falling. There's a report due out tomorrow that should keep prices falling. I wouldn't be surprised to see sub-three dollar prices within a month, maybe in the $2.50 range. Barring any major hurricanes in the Gulf, we should be back near $2.25 - $2.50 by the fall.
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Looks like the gubmint disagrees...
* After rising to a weekly record-level nominal price of $3.22 per gallon on May 21, retail regular motor gasoline prices have started to recede as refinery problems are addressed and gasoline imports increase.
* Strong demand for gasoline combined with low gasoline inventories and crude oil prices that are expected to average over $65 per barrel for West Texas Intermediate (WTI) are likely to keep gasoline prices over $3 per gallon through the summer months.
* Retail regular grade motor gasoline prices are projected to average $3.05 per gallon this summer compared with the $2.84 per gallon average of last summer. The May average monthly gasoline pump price reached $3.15 per gallon and is expected to fall in June and July then rise again in August to $3.11 per gallon.
* The Henry Hub natural gas spot price is expected to average $7.96 per thousand cubic feet (mcf) in 2007, a $1.02-per-mcf increase from the 2006 average, and to average $8.15 per mcf in 2008.
* The National Oceanic and Atmospheric Administration (NOAA) has forecast an active hurricane season again this year with 13 to 17 named storms forming in the Atlantic Basin, including 7 to 10 hurricanes. This Outlook includes hurricane-induced production outages of 13 million barrels of crude oil and 86 billion cubic feet of natural gas, primarily occurring in August and September (see this month’s supplemental report, The 2007 Outlook for Hurricane Impacts on Gulf of Mexico Crude Oil and Natural Gas Production)