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Summer Gas Prices May Not Be As Outrageously High As You’ve Been Led to Believe — Dollars and Sense

gas-pump
Joe Raedle, Getty Images

Many analysts predicted doom and gloom for gas prices this summer, with some saying they could reach as high as $6 per gallon.

But it seems those concerns were for naught — fuel costs have been on the decline and are now expected to stay well below last year’s prices.

Thanks to lower oil prices and less demand, the Energy Information Administration (EIA) believes gas prices will average just $3.79 per gallon this summer. That’s a bit more than than the current national average of $3.75, but still less than the almost $4.00 Americans were paying last month — and at this time last year.

That’s not just good news for drivers — it’s good news for the economy in general. Since our money won’t be going into gas tanks, it’ll instead be spent in other ways. Kay Smith, a senior economist at EIA, said the group estimates that a 10-cent drop in pump prices can add roughly 0.1 percent to disposable household income.

But bear in mind that if consumer demand increases, gas prices will, too. On average, Americans have been purchasing less gas for more than a year now — so if that changes, expect costs to rise.

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