Government lowers forecast for summer gas prices

Posted on 09 May 2012

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Gasoline prices probably won't set records this summer, thanks to a recent drop in the price of oil.

The government on Tuesday slashed its forecast for average gas prices to $3.79 a gallon for the summer driving season. That's down from an initial estimate of $3.95 and below the record average of $3.80 in 2008.

The Energy Information Administration's revised forecast is encouraging news for the economy, as some economists blame high pump prices for modest consumer spending this year and as a factor in the loss of 35,000 retail jobs in February and March.

Click here for the full report.

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