Gasoline prices likely won’t reach a national average of $4 per gallon during the summer driving season, the federal Energy Information Administration (EIA) said Tuesday, walking back earlier predictions.
That’s welcome news for consumers, who have grown increasingly worried about the effect of high gasoline prices on their pocketbooks.
EIA, the Energy Department’s independent statistical arm, predicted Tuesday in its short-term energy outlook that gasoline prices will average $3.79 per gallon during the April-to-September summer driving season.
The estimate is 16 cents lower than the average price EIA predicted in April. EIA said at the time that prices at the pump would average $3.95 per gallon during the summer, peaking in May at $4.01 per gallon.