Summer gas prices could give consumers in the US a break, according to some experts. The Energy Department is expecting the national average for summertime to be $3.63 per gallon for regular gasoline.
In additions, some experts believe that California’s gas prices could be as low as $3.84 per gallon by August. The summer gas price national average of $3.63 would be the lowest in three years, down six cents from $3.69 a gallon in 2012.
Tacred Lidderdale, a senior economist at the Energy Information Administration, explained that crude oil prices are a big factor in the lower prices. The price of crude is expected to be lower than 2012, partially because of a growth in production, “particularly in the US and Canada.”
Lidderdale added that gains in fuel economy in the US will also play a factor into the lower summer gas prices. The traditional summer driving season in the US begins on Memorial Day and ends on Labor Day. While a small six cents only saves a couple of dollars per fill up, that amount can add up significantly over time.
Patrick DeHaan, senior energy analyst at the fuel price reporting website GasBuddy.com, stated that, compared to last year, “Americans are spending $108 million a day less on gasoline.”
Along with gains in the economy and the price of crude, vehicles are also becoming more efficient. This is leading to a lower demand for gas in the United States. While gas prices continue to remain at historic highs, the summer gas price relief will likely benefit many travelers.
For California, which typically has some of the highest gas prices in the nation, lower gas prices are a huge relief. Refinery problems last year pushed up gas prices past $4 per gallon in late summer. But there are no refinery issues expected this year. The Oil Price Information Service (OPIS), which collects data on fuel prices each day, is predicting that gas prices will be between 10 and 15 cents per gallon lower this year than last year — especially in California.
Are you looking forward to lower gas prices this summer?
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