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Federal Energy Forecast: Gas Nearing $3/Gallon, Fuel Consumption Up

Average gas prices are expected to hit $2.92 during this summer's peak
driving season, with fossil-fuel consumption rising overall as the
economy begins to recover from a recession that limited U.S. emissions
growth, according to a forecast released this week by the federal
Energy Information Administration (EIA).

The EIA's latest short-term fuels outlook
stopped short of predicting the return of the $4-per-gallon gas prices
seen in the summer of 2008, which gave new political momentum for
alternative energy expansion -- though some financial analysts are still betting that fuel costs will rise significantly this year.

The
EIA also projected that total emissions from Americans' fossil-fuel use
would start to rise after falling by 6.6 percent last year, with a 2.1
percent increase predicted in 2010 and a 1.1 percent increase in 2011.
U.S. emissions first began falling in 2008 as the global financial
crisis took hold; conversely, the EIA said a future return to rising
emissions would be driven by "economic growth."

But what
future growth won't do, according to the federal government's energy
crystal ball, is power a sizable new uptick in summer gasoline use.
From the EIA report:

During this
summer season, projected motor gasoline consumption increases by 0.5
percent over last summer, substantially lower than the 0.8 percent
growth rate recorded last summer. Gasoline consumption last summer was
stimulated by both the beginning of economic recovery and a $1.37 per
gallon decline in gasoline prices from the previous year.

Another reason for the increase in fuel consumption last summer, per the EIA, was the downturn in transit ridership -- suggesting that local service cuts or fare hikes may have helped push travelers into their cars.

If
the EIA's prediction holds true, Democrats may not be able to make as
much political hay of high fuel prices as they attempt to pass a
climate change bill during the summer. White House press secretary
Robert Gibbs told reporters last month that "my guess is there will be a clamoring for an energy bill when gas
prices go up, as they normally do, as we get closer to more driving as
we get closer to the summer.”

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