Summer Gas Prices Expected to Dip to 12 Year Low

Summer Gas Prices Expected to Dip to 12 Year Low

Overview

By Brad Vivacqua

Over the next few months we may be paying much less for gas compared to what we’ve paid during the summer in the last decade. The U.S. Energy Information Administration says drivers could soon be seeing some of the lowest summer gas prices in 12 years. Brad Vivacqua has more from outside the Speedway on Erie Boulevard in Syracuse.    

SYRACUSE, N.Y. — At the Speedway on Erie Boulevard in Syracuse, folks are paying $2.23 a gallon for gas, which is a few cents above the average of $2.21 in the area.

The national average price of gas per gallon Wednesday morning is at $2.10, which has gone up in recent weeks.

Despite the small increase in recent weeks, experts believe prices will remain stable through Memorial Day and then will begin to decrease.

The Energy Information Administration is forecasting the national average will be about $2.04 this summer.  That’s about 59 cents a gallon lower than the average last summer.

Syracuse University economics professor Don Dutkowsky says crude oil prices remain favorable and a stable economy should help keep prices low.

The EIA expects drivers will spend about $350 less on gas this summer compared to last. That means money can be spent for more recreational purposes.

“Gas doesn’t cost me as much.  You know my wallet is a little better right now, so what can we do with this? And right now, maybe some of us are saving some money too,” said Dutkowsky.

In the Syracuse area people have seen gas increase by about 20 cents in the past month.  However, people are still paying more than 30 cents less than this time last year.

Obviously, the price can fluctuate at any time, but it is expected that prices stay with the national trend.  That means the summer outlook looks good right now.