US gas prices to stay less than $4

Retail gasoline prices in the United States should be around $3.60 per gallon through September, the U.S. Energy Department announced. In April, the average price for a gallon of regular unleaded gasoline was reported by the U.S. Energy Department's Energy Information Administration at $3.87, a yearly high. Some markets, however, saw gasoline prices pass the $4 per gallon mark. The EIA said the average price through September should be around $3.60 per gallon, down from an anticipated $3.79 from the May assessment. "EIA expects regular gasoline retail prices, which averaged $3.53 per gallon in 2011, to average $3.56 per gallon in 2012 and $3.51 per gallon in 2013," the agency said in a statement. The EIA said crude oil prices account for about 70 percent of the price per gallon of gasoline in the United States. Oil prices, on average, have moved to less than $100 per barrel. The EIA estimates U.S. crude oil production to average 6.3 million barrels per day in 2012, the highest level since 1997. High energy prices during the first quarter of 2012 were attributed in large part to fears Iran would close key shipping lanes through the Strait of Hormuz in retaliation for sanctions pressure.