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Projected Gas Prices Will Be Near Last Summer's

The Energy Information Administration (EIA) has releases it's Short-Term Energy Outlook for April. It states that "Retail regular grade motor gasoline prices are projected to average $2.81 per gallon this summer, 3 cents below the average of $2.84 per gallon last summer, according to forecasts released today by the Energy Information Administration (EIA) in the April Short-Term Energy Outlook. Retail diesel fuel prices are expected to average $2.82 per gallon over the summer, down 6 cents from last summer's average price of $2.88 per gallon."

This means that vacation travel by car with the U.S. should be at the same lever or higher than last year. This bodes well for the hotel industry and vacation destination points.

Despite increases in the cost of oil, oil consumption is expected to increase in 2007 and 2008, with half of the world growth consumption occuring in the U.S. and China.

Electricity prices are expected to increase by 3% in 2007 and 3.1% in 2008.

"Short-Term Energy Outlook is published monthly on EIA's Internet Web site to meet the public's demand for more timely energy data and forecasts. Users can view and download the forecast analysis, tables and charts by going to the Outlook home page at http://www.eia.doe.gov/emeu/steo/pub/contents.html."

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Posted by Lawrence Yerkes - Broker Associate, Southern New Jersey Real Estate Services on 04/12/2007 11:10 PM

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