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Some Good News On Gas Prices (Sort Of)

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On: Mon, May 14, 2012 at 3:00PM | By: Chris Weiss

Some Good News On Gas Prices (Sort Of)

Well, after hearing for several months that 2011 would be the year to remember for exorbitant gas prices, it looks like we're in for a treat. The government is backing off predictions of record-high prices. Gas prices won't exactly be low, but they won't soar as high as originally anticipated.

As recently as a few weeks ago, we were hearing that 2012 could see a record high in gas prices, but that prediction is officially out of date. According to the Detroit Free Press, the most recent predictions from the US Energy Information Administration put gas at an average of $3.79 for the summer driving season. That's below the $3.80 average record high set in 2008 and well below the $3.95 that previous predictions called for.

Also gone are expectations that the gas price average will surpass the high of $4.11 set in July 2008. We'd heard predictions ranging from $4.25 to $5 per gallon, but those have been abandoned thanks to falling oil prices. While gas prices rose 20 percent between January and April, they abated last month thanks to recent decreases in crude oil prices.

According to AAA, gas prices had declined for 28 of the past 31 days, as of Tuesday. The national average stood at $3.78, down 16 cents from the year high of $3.94, set on April 5.

While escaping record-high gas prices is certainly good news, gas won't exactly be cheap during the summer driving season. The predicted $3.79 average is $0.08 higher than last year's summer average of $3.71.


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