The average cost of a gallon of fuel decreased a wee bit from record levels Tuesday and some car owners saved a few pennies, but a new government forecast said fuel could reach as high as $4 a gallon during the summer driving season.
Oil futures prices, meanwhile, fell as the dollar stabilized, giving investors an opportunity to lock in profits from crude's recent rally. Limiting the declines were developments in Iran, which announced plans to expand its uranium enrichment program and said it has tested key equipment, a move that raised the market's concerns about political conflict that could affect the country's oil exports.
The monthly report, just issued by the Energy Department’s Information Administration, forecast the average price at the pump will peak at $3.60 in June but could rise above $4 in the Summer months. It is actually higher than previous projections by a dime and more in line with other forecasts from other sources.
The government also predicted high prices will cut demand for fueloline at the height of the summer. fuel consumption will fall by about 0.4 percent during the peak summer months, and overall consumption of petroleum products will drop by 90,000 barrels a day this year, the EIA said. The agency previously said petroleum consumption would rise by 40,000 barrels a day.
Consumption has already gone down for the first time in decades with the decrease increasing since the start of the year.
On Tuesday, regular unleaded fuel prices slipped slightly to a national average of $3.331 a gallon from Monday's record of $3.339, according to AAA and the Oil Price Information Service. Prices are 55 cents higher than a year ago.
Crude oil's rise above $100 earlier this year is the main reason fuel prices have been rising. Crude futures rose to a trading record of $111.80 last month, and have since traded in a range between about $100 and $110.
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