Lower Gas Prices in 2007? - April 17th, 2007
The numbers you see at the pump in your neighborhood may seem to dispute this, but CNN is reporting that gas prices will actually wind up being lower overall in 2007 than they were in 2006. In a story posted on April 11th, the news network shared government information that prices will peak earlier - by the end of May - and top out around $2.87 / gallon - 11 cents per gallon lower than last year’s high average of $2.98/gallon in July.
The Energy Information Administration, or EIA, was quoted as saying, “Although gasoline prices began their seasonal increase about a month earlier than usual, the rapid rate of price increase is projected to slow over the next few months.” The report released by the EIA also said that gasoline is expected to average about $2.81 a gallon this summer, down slightly from $2.84 in 2006, the EIA report said. The agency is also forecasting lower crude oil prices - around $65 / barrel this summer, as opposed to $70/barrel last summer.
Crude oil represents about half the cost of a gallon of gasoline.
Posted on April 17th, 2007 by QueenMab
Filed under: general |
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