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U.S. Forecasts Highest Summer Fuel Prices Since 2018

  • Pump prices will be more than 30% higher from last summer
  • Domestic summer gasoline demand to top last year, but not 2019

Drivers eager to get back on the road more than a year into the pandemic will face the highest summer gasoline prices since 2018, according to a U.S. government report.

Prices at the pump will average $2.78 a gallon from April to September in the U.S., more than 30% higher than last summer. While Covid-19 will continue to affect petroleum markets this summer, more vaccinations combined with U.S. fiscal stimulus will support the economic recovery and drive demand growth, the Energy Information Administration said in its annual Summer Fuels Outlook report on Tuesday.