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The gasoline for this summer trip will cost a little more than the federal government experts predicted just a month ago.
The government also expects crude oil prices to rise, despite an increase in US production. Indeed, global demand is growing faster than expected.
The Energy Information Administration estimated Tuesday that the United States should pump a record 12.45 million barrels of oil a day this year, reaching 13.38 million barrels per day in 2020. These figures are slightly higher than Agency forecasts in April.
The agency's director, Linda Capuano, said US producers would increase drilling in response to soaring crude prices.
Capuano reiterated the agency's forecast that, for the fourth quarter, the United States will export more oil than it imports for the first time since 1948.
The United States has recently adopted Russia and Saudi Arabia to become the world's largest oil producer.
The agency's Energy Department has raised its forecast for average gasoline prices nationwide until September at $ 2.92 a gallon, compared with 2 in the US. , 76 dollars a month ago.
If the new forecasts are good, the average average prices will be 7 cents higher than last summer, thanks in part to higher margins for refined gasoline.
The national average is set at $ 2.89 a gallon on Tuesday, according to the AAA Travel Club.
Some forecasters are seeing prices at the pump drop. GasBuddy estimates that as refinery production increases, regular gasoline will slowly decline to about $ 2.76 a gallon in September and $ 2.56 in December.
GasBuddy analyst Patrick DeHaan said energy markets generally provide for sanctions in Iran, trade talks with China, low unemployment and other factors.
"I really feel like I'm in the eighth or ninth round of the seasonal rise in the price of gasoline," he said.
Last week, the United States decided to put an end to exemptions granted to some countries that were still importing Iranian oil, which could crush their supplies. However, the Energy Department expects OPEC and Russia to increase pumping as well as increased production in the United States as a result of the 2018 agreement to limit expiring production. in June.
The energy agency now sees spot prices for US benchmark crude oil average at $ 62.79 this year and $ 63 next year, up $ 58.80 and $ 58 respectively.
He predicts that the barrel of international crude oil will average $ 70 a barrel this year and $ 67 next year, about $ 5 more than forecast last month.
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