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EIA: “The average pump price for December is on track to be the lowest for the month in eight years”

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The EIA released the Short-Term Energy Outlook yesterday. From the STEO:

• Benchmark North Sea Brent crude oil spot prices averaged /barrel (b) in August, a /b increase from July. This was the fourth consecutive month in which Brent spot crude oil prices averaged between /b and /b.

• Brent crude oil prices are forecast to average /b in 2016 and /b in 2017. West Texas Intermediate (WTI) crude oil prices are forecast to average /b less than Brent in 2016 and 2017.

• U.S. regular gasoline retail prices are expected to decline from an average of .18/gallon (gal) in August to .92/gal in December. For the year, U.S. regular gasoline retail prices are forecast to average .08/gal in 2016 and .26/gal in 2017.

• U.S. retail gasoline prices are expected to continue falling through the end of 2016, even though gasoline demand this year is expected to be the highest ever.


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