Inside View: Gas prices to average $3.88 in 2009

The weekly price of regular-grade gasoline, which peaked at $4.11 per gallon on July 14, averaged $3.65 per gallon Sept. 8, according to the Energy Information Administration’s Sept. 9 “Short-Term Energy Outlook."

Annual average retail gasoline and diesel prices in 2008 are projected to be $3.61 and $4.09 per gallon, respectively, compared with $2.81 for gasoline and $2.88 for diesel in 2007. Following the expected increase in the annual average crude oil price, gasoline and diesel prices are projected to average $3.88 and $4.26 per gallon, respectively, in 2009, according to the report.