This is an excerpt from EERE Network News, a weekly electronic newsletter.

April 23, 2003

EIA Expects Lower Gasoline Prices this Summer

U.S. motorists will pay less at the pump this summer than they have in recent months, according to a report issued in early April by DOE's Energy Information Administration (EIA). The EIA anticipates an average price of $1.56 per gallon for regular gasoline, down from peak prices of more than $1.70 per gallon earlier this year. However, the projected prices remain about 17 cents per gallon higher than last summer's average price. See the EIA press release.

Indeed, the latest figures from EIA, released on April 21st, confirm that gasoline prices are dropping. On average, U.S. gasoline prices dropped 2.1 cents per gallon in the past week, reaching an average of $1.57 per gallon. See the EIA Gasoline and Diesel Fuel Update.