Feds Forecast $2.45 Average Summer Gasoline Price
The projected price of gasoline for U.S. drivers between April and September will be around $2.45 per gallon, which is down more than a $1 from last summer, according to the U.S. Energy of Information Administration.
The summer price is expected to fall from $3.59 per gallon, according to the EIA's Short-Term Energy and Summer Fuels Outlook. The projected lower retail price this summer is a result of the significant drop in world crude oil prices.
"Brent crude oil prices fell sharply in late 2014 and early 2015 as global supply exceeded demand, contributing to strong increases in oil inventories," according to the EIA.
The West Coast has the highest projected average of $2.82 per gallon. The EIA projects the national regular gasoline retail price will average $2.40 per gallon for 2015.