WASHINGTON (Sputnik) - US gasoline prices, retailing at seven-year highs above $3.15 per gallon due to peak seasonal demand and outages from Hurricane Ida, are expected to fall to under $3 by the fourth quarter of this year, the Energy Information Administration (EIA) said on Wednesday.
The EIA said the drop will be in line with expectations that the profit margin for processing gasoline will decline from currently elevated levels and refinery runs will normalize after the fallout from Hurricane Ida.