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U.S. gasoline use rising to record this summer on low prices

The lowest pump prices in more than a decade are likely to encourage Americans to take to the roads this summer.

By Mark Shenk | Updated on June 07, 2016
Traffic flows in and out of downtown Atlanta on the Interstate 75/Interstate 85 Connector, Thursday, May 19, 2016, in Atlanta. More travelers are expected to take to the roads and sky this summer thanks to lower gas prices and an upbeat economy. (AP Photo/John Bazemore)

(Bloomberg) – U.S. gasoline consumption is set to climb to a record this summer as the lowest pump prices in more than a decade encourage Americans to take to the roads.

Demand, which typically peaks between the Memorial Day holiday in late May and Labor Day in early September, will average a record 9.5 million barrels during the second and third quarters, up from 9.48 million forecast in May, the Energy Information Administration said in its monthly  Short-Term Energy Outlook released Tuesday. The average retail price for regular-grade gasoline this summer is forecast at $2.27 per gallon, more than the $2.21 estimated in May but down from $2.63 during the 2015 summer driving season.

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