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Gasoline Consumers Welcome the Fall this Spring

As May began, the retail price of regular gasoline continued its recent decline from levels reached earlier this spring.  As of May 7, prices averaged $3.79 per gallon, down 15 cents per gallon since April 2. 

If last week's crude oil price declines persist, the recent fall in gasoline prices could continue.  However, while the forecast in the U.S. Energy Information Administration's (EIA) May 2012 Short-Term Energy Outlook (STEO) is showing lower crude oil and petroleum product prices this summer than were projected a month ago, it does not reflect a continuation of the sharp price drop seen last week.  STEO's May forecast has both global demand and supply growth higher in 2012 than in the April projection, but with a bigger boost to projected supply.  The revised market balance points to less price pressure than was seen a month ago.

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