Americans are going to save $700 on gas this summer

Americans will spend $US700 less on gasoline this summer compared to last year, the Energy Information Administration forecasted Tuesday.

Average household spending at the pump is approaching the lowest level in 11 years, it said. 

The EIA published its Summer Transportation Fuels Outlook. It also tweeted forecasts for gas and diesel prices across the country:

Prices are subject to refinery outages and other supply disruptions, the EIA noted.

West Texas Intermediate crude, the US oil benchmark, turned positive for the year on Tuesday, rallying by more than 3%. 

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