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Summer Gas Prices to Average $2.04 – Cheapest in 12 Years

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By    |   Thursday, 14 Apr 2016 12:23 PM

Summer gas prices are predicted to be their cheapest in 12 years, allowing Americans to hit the vacation road without towing an ATM.

The U.S. Energy Information Administration said Wednesday that American drivers will pay an average of $2.04 per gallon this summer for regular gasoline, according to its short-term energy and summer fuels outlook. That's 59 cents lower than the average regular gasoline price in 2015.

Gas prices are expected to average $1.94 for all of 2016 and the average household will spend about $350 less for gasoline in 2016 than in 2015. Compared to 2014, when gasoline prices for regular hovered at more than $3 per gallon, motorists will be paying about $1,000 less.

"As long as the refineries keep running, it should be a relatively painless summer," GasBuddy.com analyst Patrick DeHaan, told the Chicago Tribune, predicting that the low prices will encourage vacationing motorists to take advantage of the gasoline prices. "There will be a lot of folks taking road trips."

Americans tend to drive a little more than half of their annual vehicle miles from April to September, the U.S. Energy Information Administration said. 

USA Today said U.S. motorists are continuing to benefit from a global oil glut that is expected to hold gasoline prices down. Crude prices took another hit Wednesday because of a slow global economic outlook and worries about nuclear bomb claims by North Korea.

Political instability halfway around the world in which Saudi Arabia and Iran are shoving each around for petroleum market share is also expected to keep oil supply high globally, said USA Today.

The Brent crude oil price is expected to average $35 per barrel this summer, according to the U.S. Energy Information Administration, about $22 per barrel lower than last summer. 

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Summer gas prices are predicted to be their cheapest in 12 years, allowing Americans to hit the vacation road without towing an ATM.
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2016-23-14
Thursday, 14 Apr 2016 12:23 PM
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