U.S. regular-grade retail gasoline prices averaged $2.89 per gallon (gal) in June, down from a high of $2.96/gal on May 28. EIA estimates that gasoline prices will remain lower than the May 28 price for the rest of the summer, reaching $2.84/gal in September. Gasoline prices are often higher in summer months when gasoline demand is higher and when federal and state environmental regulations require the use of summer-grade gasoline, which is more expensive to manufacture . Following the summer, EIA expects gasoline prices to decline to $2.68/gal by December. Since 2000, gasoline prices have reached their yearly peak during or before June on 10 occasions. In some instances where gasoline prices have peaked after the summer, storms or other outages have driven the increase in prices. For example, supply disruptions and refinery outages in the wake of Hurricane Harvey resulted in gasoline prices peaking in September 2017. Source: […]