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Annual Energy Outlook 2022 (AEO2022) pdf ppt
Subject: U.S. Energy Information Administration, Annual Energy Outlook
Presented by: Stephen Nalley and Angelina LaRose
Presented to: Bipartisan Policy Center
Washington, DC—March 3, 2022

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Memorial Day real gasoline prices highest since 2012, near record levels

weekly U.S. average regular gasoline retail price
Data source: U.S. Energy Information Administration, Gasoline and Diesel Fuel Update
Note: Real prices were calculated using the U.S. Bureau of Labor Statistics Consumer Price Index and based on the methodology described in our Short-Term Energy Outlook Real Prices Viewer.

On May 23, heading into this Memorial Day weekend, the U.S. average retail price of regular gasoline was $4.59 per gallon (gal), the highest inflation-adjusted (real) price since 2012. On a nominal basis, this price is the all-time highest price for gasoline recorded in our weekly Gasoline and Diesel Fuel Update, which dates back to 1990. The high price of gasoline is currently driven by several factors, including the price of crude oil, the effects of Russia’s full-scale invasion of Ukraine, and rising U.S. gasoline demand outpacing refinery runs.

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