The government revised its May through September retail gas prices downward 17 cents to $3.79/gallon as it declared wholesale prices had already peaked.Brent crude price declines and pending supply surges caused wholesale prices to top-out in April, the Energy Information Agency said in a release.
Brent spot contracts fell about $6/bbl in April, from $126/bbl on April 2 to $120/bbl on April 30, and then dropped another $7/bbl during the first week of May. West Texas Intermediate contracts stayed flat through April but likewise dropped off in May.
“With the recent decline in crude oil prices, gasoline wholesale prices seemed to have peaked in April — earlier than usual.
“Gasoline spot prices on the Gulf Coast and New York Harbor fell more than crude oil prices in April, but dropped in line with crude oil prices the first week of May. Retail price changes lag changes in wholesale gasoline prices, and Monday’s retail gasoline prices would not have fully captured last week’s wholesale price decline.”
Here’s how its summer short term energy outlooks compare from this year to last: