Report: Gas Prices 4 Cents Higher From 2013

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June 11, 2014 by   Comments Off on Report: Gas Prices 4 Cents Higher From 2013

Gasoline prices through the summer could be as much as 4 cents higher than the same time last year, the U.S. Energy Department said.

According to a UPI, the average retail price for a gallon of regular unleaded gasoline in the United States for Wednesday was $3.63, reports motor club AAA. That price has held steady for nearly a month.

The U.S. Energy Information Administration (EIA) said in its monthly report, published Tuesday (June 10), the summer average is near its expected peak of $3.62 per gallon, which is 4 cents higher year-on-year.

EIA, the statistical arm of the Energy Department, said the retail price for a gallon of gasoline is largely based on the price of crude oil and the difference between that price and the price for wholesale gasoline.

In last week’s report on the U.S. petroleum sector, the administration said refineries were working at 90.8% capacity and gasoline production had declined.

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