• Summer 2002 gasoline prices lower than last year

    Gasoline pump prices for spring and summer 2002 are expected to average $1.46 per gal, eight cents lower than last year's average of $1.54 per gal, the Dept. of Energy said today. Motor gasoline market conditions in the U.S. are less tight at the beginning of the driving season this year than they were in 2001. However, higher crude oil prices since the end of 2001 and tightening oil markets worldwide
    April 8, 2002
    2 min read
    Gasoline pump prices for spring and summer 2002 are expected to average $1.46 per gal, eight cents lower than last year's average of $1.54 per gal, the Dept. of Energy said today.

    Motor gasoline market conditions in the U.S. are less tight at the beginning of the driving season this year than they were in 2001. However, higher crude oil prices since the end of 2001 and tightening oil markets worldwide have moved gasoline prices up rapidly this spring from winter lows, according to forecasts by the department's Energy Information Administration.

    U.S. crude oil and gasoline inventories are now above last year's levels but are expected to decline to less ample levels through the summer and into the fall. U.S. motor gasoline inventories were 8.8%, or 17 million barrels, above year-ago levels at the end of March. Even with a greater inventory cushion this year at the start of the driving season, the summer average for nominal pump prices is expected to be the third highest on record, after 2001 and 2000.

    Average gasoline prices will most likely remain below the 2001 average for the driving season, but there is a slight possibility that they could be higher than last summer's levels, especially if refining problems develop or the crude oil market becomes tighter.

    About the Author

    Tim Parry

    Tim Parry is a former FleetOwner editor. 

    Voice your opinion!

    To join the conversation, and become an exclusive member of FleetOwner, create an account today!

    Sign up for our free eNewsletters

    Latest from News

    ID 119046131 © Jonathan Weiss | Dreamstime.com
    English language proficiency support
    A FleetOwner survey illustrates how industry readers view the government renewed English language proficiency enforcement. Respondents overwhelmingly support ELP in out-of-service...
    Daimler Truck
    Daimler and Volvo's Coretura leadership
    Two of the largest global truck OEMs have established a joint venture to develop one software-defined vehicle platform, bringing standardization to the industry. While the company...
    Nissan
    Lofaro succeeds Judy Wheeler, who is retiring after nearly 15 years of dedicated service to the brand.
    Major leadership changes are happening for Mack Trucks, Volvo Trucks North America, and Nissan Americas.