Gov’t cuts summer gasoline price forecast
Wednesday, May 9, 2012
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.
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