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Gas prices still look low for summer even after spring surge

1 year 6 months 3 weeks ago May 12, 2015 May 12, 2015 Tuesday, May 12 2015 May 12, 2015 12:23 PM in News
Source: Associated Press

NEW YORK - Drivers who have seen a steady rise in the price of gasoline can relax: They will almost certainly be paying far less for gas this summer than they have in at least six years.

The Energy Department said Tuesday that it expects the price of gasoline to average $2.55 between April and September, which would be the lowest since 2009. Over the course of the year, a typical U.S household could save $675 in gasoline prices compared to last year.

The coming summer of cheap gas was set up by a collapse in oil prices that ended in mid-March at $43 a barrel. That took gasoline prices down to $2.03 a gallon, a level the nation hadn't seen since it was deep in recession in March of 2009.

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