Everyone Can Stop Freaking Out About Gas Prices

The year began with a gasoline price rally that had some economists freaked out that the American consumer would get crushed.

However, those prices quietly leveled off.

And now, according to new projections by the Energy Information Association, gas prices for the summer driving season will be at a three-year low.

“Crude oil prices—which account for two-thirds of the price of gasoline at the pump—are expected to be lower, and thus the main contributor for less-expensive gasoline during the driving season (April through September),” wrote the EIA.  “The average price of Brent crude oil, a benchmark price closely related to the U.S. wholesale gasoline price, is expected to average $107.50 per barrel this summer, down about $1.50 from last summer.”

EIAHere’s a look at regional projections.

EIA

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