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VOL. 127 | NO. 91 | Wednesday, May 09, 2012

Gov't Cuts Summer Gasoline Price Forecast

CHRIS KAHN | AP Energy Writer

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NEW YORK (AP) – The government says gasoline will be cheaper this summer than previously expected thanks to a drop in the price of oil.

The Energy Department says drivers should pay an average of $3.79 per gallon at the pump from April through September. That's down 16 cents from last month's outlook and not that dramatic an increase from last summer's average of $3.71 per gallon.

This month's forecast is a reversal from previous warnings of a sharp rise in gasoline prices. The government had said last month that gasoline prices in May could jump above a monthly average of $4.01 per gallon.

Oil prices have dropped about $7 per barrel since April 2.

The national average for gas has declined 17 cents since early April to $3.76 per gallon on Tuesday.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 54 289 1,253
MORTGAGES 96 405 1,724
FORECLOSURE NOTICES 33 111 408
BUILDING PERMITS 167 1,258 3,248
BANKRUPTCIES 51 293 1,236
BUSINESS LICENSES 29 147 541
UTILITY CONNECTIONS 67 336 1,661
MARRIAGE LICENSES 10 56 250

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