Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Gas prices will rise to three-year high


David Paul Morris • Bloomberg

Prices at the pump will average $2.78 a gallon from April to September, more than 30% higher than last summer, a government forecast shows.

Drivers eager to get back on the road more than a year into the pandemic will face the highest summer gasoline prices since 2018, according to a U.S. government report.

Prices at the pump will average $2.78 a gallon from April to September in the U.S., more than 30% higher than last summer. While covid-19 will continue to affect petroleum markets this summer, more vaccinations combined with U.S. fiscal stimulus will support the economic recovery and drive demand growth, the Energy Information Administration said in its annual Summer Fuels Outlook report on Tuesday.

"The higher price in 2021 results from our forecasts of higher crude oil prices this summer and greater gasoline demand as the effects of the COVID-19 pandemic continue to subside and travel increases," said EIA Acting Administrator Steve Nalley. "We forecast 15% more highway travel this summer as a result of rising employment, easing regional restrictions designed to slow the pandemic, and increasing overall economic activity as vaccination rates increase."


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