EIA: Prices at the Pump Will Decline This Year

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EIA: Prices at the Pump Will Decline This Year

01/08/2014

NEW YORK -- The U.S. Energy Information Administration (EIA) expects retail regular gas prices to decrease 5 cents from the 2013 national average of $3.51 per gallon in 2014, according to a Wall Street Journal report.

Previously, the agency forecast that the average would reach $3.43 in 2014, but adjusted its prediction to $3.46 in its latest monthly short-term energy outlook.

The EIA expects "high levels of refinery runs, lower crude oil prices and strong export demand for diesel fuel will contribute to downward pressure on regular gasoline retail prices," it said in a released statement.

In the short term, the national average is forecast to drop to $3.29 per gallon this month, despite drawing near an 11-week high of $3.33 per gallon in the week that ended Monday, Dec. 6.