U.S. Government Cuts Summer Gasoline Price Forecast

May 8, 2012 | By
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Gasoline prices continue to drop across the nation, and at the local pumps prices are beating national averages.

NEW YORK (AP) — The government says gasoline will be cheaper this summer than previously expected thanks to a drop in the price of oil.

The Energy Department says drivers should pay an average of $3.79 per gallon at the pump from April through September. That’s down 16 cents from last month’s outlook and not that dramatic an increase from last summer’s average of $3.71 per gallon.

This month’s forecast is a reversal from previous warnings of a sharp rise in gasoline prices. The government had said last month that gasoline prices in May could jump above a monthly average of $4.01 per gallon.

Oil prices have dropped about $7 per barrel since April 2.

The national average for gas has declined 17 cents since early April to $3.76 per gallon on Tuesday.

Read the whole story:  AP

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Category: COMMERCE, NATIONAL, POLITICS

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