Retail Motor Gasoline Prices*

* Regular self-service

Sources: History: EIA; Projections: Short-Term Energy Outlook, February 2001.

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• Gasoline pump prices have backed down from the high prices experienced last summer and fall. The retail price for regular motor gasoline fell 11 cents per gallon from September to December.

• However, with crude oil prices rebounding somewhat from their December lows combined with lower than normal stock levels, we project that prices at the pump will rise modestly as the 2001 driving season begins this spring. For the summer of 2001, we expect only a little difference from the average price of $1.50 per gallon seen during the previous driving season, as motor gasoline stocks going into the driving season are projected to be slightly less than they were last year.

• The situation of relatively low inventories for gasoline could set the stage for some regional imbalances in supply that could once again bring about significant price volatility in the U.S. gasoline market.