Fill your tank, cut down a redwood and kick a polar bear in the ‘nads … gas is likely to stay cheap this summer! So, let the environment be damned, load up the Hummer and take the longest road trip of your life.
The Energy Information Administration has great news for motorists: gas is expected to hang around an average of $2.23 a gallon this summer (more if you live in New York or California, I imagine). Peak driving season – late in the summer – could see a rise to more than $2.30, but it’s still a far cry from last summer’s insanity … when the average gallon would set you back $3.81.
What’s behind this embarrassment of fossil fuel riches? A barrel of crude is likely to cost about a third of what it did last summer ($53 versus $147), and U.S. crude oil production is supposed to come back up – by 440,000 barrels a day.
But, it pays to have a backup plan. Howard Gruenspecht, acting administrator of the EIA, concedes that an early broader economic recovery could lead to more pain at the pump, though you’d probably be able to afford it.
An EIA spokesman was on hand to confirm, “We’re not in the crystal ball business.” If they were, they probably wouldn’t be talking about fuel prices anyway.