EIA: U.S. Spring-Summer Gasoline Use Seen at 12-Year Low [View all]

[jpak]

http://online.wsj.com/article/SB10001424127887323550604578413090170105054.html

NEW YORK—U.S. gasoline demand in the peak spring-summer driving season will slip to a 12-year low of 8.877 million barrels a day this year as fuel-efficiency gains more than offset increase in highway travel, government forecasters said Tuesday.

The Energy Information Administration said the national average retail price for regular gasoline in the driving season will be $3.63 a gallon, down 6 cents, or 1.8%, from a year earlier. The price was $3.608 a gallon Monday, according to EIA's weekly survey.

Adam Sieminski, EIA administrator, said the decline at the pump will be "due in large part to slightly lower crude oil prices that account for 65% of the pump price. With more fuel-efficient cars and trucks on the highways and expected gasoline prices below last year's level, Americans will have lower motor fuel expenses this year," he said.

Projected demand for gasoline in April-September season will be the lowest since 2001, EIA data show, and will be 5.9%, or some 555,000 barrels a day below the peak of 9.435 barrels a day in 2007.

<more>