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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 This material may not be published, broadcast, rewritten or redistributed.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 65 366 17,721
MORTGAGES 70 417 23,068
FORECLOSURE NOTICES 0 76 4,504
BUILDING PERMITS 210 932 42,157
BANKRUPTCIES 62 299 16,691
BUSINESS LICENSES 19 80 5,781
UTILITY CONNECTIONS 49 305 25,174
MARRIAGE LICENSES 16 96 5,381

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