EIA: gas prices have peaked, will remain below May highs throughout summer

Gas prices declined slightly in June to a nationwide average of $2.89 per gallon down from a high of $2.96 per gallon in May, according to the U.S. Energy Information Administration (EIA).

The good news for consumers is that EIA estimates that gasoline prices will remain below the $2.96 per gallon figure throughout the summer and the rest of the year.

EIA predicts an average price of $2.84 per gallon in September and $2.68 per gallon by December.

Gasoline prices are typically higher in summer months when demand is higher and when regulations require the use of summer-grade gasoline, which is more expensive to manufacture.

Since 2000, gas prices have reached their yearly peak during or before June 10 times. In some cases, storms or other outages have driven price increases past June. For example, supply disruptions after Hurricane Harvey resulted in gasoline prices peaking in September 2017.

EIA said the probability of the price of regular gasoline reaching or exceeding $3.00 per gallon declined from 36 percent on May 22 to 7 percent on June 7.

As of June 25, the average price for regular-grade gasoline was $2.83 per gallon. However, gasoline prices in certain locations have already surpassed $3.00 per gallon. Average prices range from a low of $2.55 per gallon in Ohio to $3.56 per gallon in California.