Summer gas prices: Gas prices over the summer will be the lowest in three years, potentially giving consumers a bit of a break amid an increase in North American oil production and more energy-efficient vehicles on the road.
The Energy Information Administration said this week that the average price for a gallon of gasoline in the United States will be around $3.63, down about 6 cents from last year’s average, according to CNN Money. Gas prices, which tend to rise during the summer, averaged around $3.71 a gallon in the summer of 2011.
The agency cited the proliferation of more fuel-efficient cars, which will help ease down consumption of gas by around 21,000 barrels per day, according to CNN.
In California, the state with by far the most drivers, gas prices will steadily decline to reach $3.84 in August, reported the Los Angeles Times.
“Motorists are beginning to see some benefits arising from increased domestic oil production, but gas prices remain historically very high. Most motorists would say that prices have not fallen nearly as fast as necessary to reduce pain at the pump,” Michael Green, a spokesman with AAA, told the Wall Street Journal.
The agency said that prices could fall even lower in 2014, averaging $3.39 per gallon throughout the year.
“We expect crude prices to be lower than last year. One of the big reasons is growth in production, particularly in the U.S. and Canada,” Tacred Lidderdale, with the Energy Information Administration, told the Times.
