EIA lowers Forecast for Summer Gasoline Prices

Good news for motorists this summer, gas prices are forecasted to be lower, says Jonathan Cogan with the U.S. Energy Information Administration.  “U.S. gasoline prices are expected to be lower this summer than previously thought. The price for regular gasoline this summer is now expected to average $3.53 a gallon, according to the new monthly forecast from the U.S. Energy Information Administration. That is down 10 cents from last month’s forecast and 16 cents cheaper than last summer. After reaching a weekly peak of $3.78 a gallon in late February, pump prices fell nine weeks in a row to $3.52 per gallon by the end of April.” Gasoline is expected to cost less because of lower crude oil prices, which account for about two-thirds of the price drivers pay at the pump.