Pump gasoline prices, which spiked higher in recent weeks amid a crude oil rally and refinery and pipeline problems, are expected to decline through the rest of the year if the U.S. can avoid further supply disruptions, the Energy Information Administration said in its This Week in Petroleum update.
Retail gasoline will average an estimated $3.48 a gallon in September before easing to $3.25 by December. Prices rose 8 cents over the past week to $3.72, the sixth consecutive weekly increase.
Brent crude, the oil grade most closely-linked to U.S. fuel prices, is also expected to weaken later this year, resulting in cheaper gasoline and diesel as refiners pass through lower costs. Since touching a 2012 low around $89 in late June, Brent crude prices are up about 28%.
In morning trading August 16, Brent crude last-day futures for September delivery fell 5 cents to $116.20 a barrel.