The Energy Information Administration lowered its projection for the average price of regular gasoline for the fourth quarter of 2013, cutting it by 10 cents to $3.24 per gallon in its Short-Term Energy Outlook.
Since the beginning of September, the weekly national average price of gasoline has dropped by more than 40 cents. This week, it hit its lowest price in 33 months.
For the year, EIA expects gasoline to average $3.50 per gallon, down 13 cents from last year’s average. The agency expects it to fall further in 2014, averaging $3.39.
The price cuts come as U.S. oil production soars. In October, the country produced more crude than it imported, for the first time since February 1995. The EIA forecasts that U.S. oil production will jump by 1 million barrels per day next year, reaching 8.5 million barrels per day.Read the entire article by clicking here.
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