The brainiacs at the Energy Information Administration said today that gasoline for the summer driving season should stay relatively cheap – averaging about $2.23 a gallon now through September.
The EIA said the average is expected to peak at about $2.30 a gallon.
By comparison, last summer, gas prices averaged about $3.81 a gallon, hitting above $4 for a while.
But, this warning, according to the AP:
The EIA report projects crude oil prices to average $53 a barrel this year, but to increase by about $10 a barrel in 2010. But it said a stronger-than-expected economic recovery, lower global production or “more aggressive action to cut production” by the OPEC oil cartel “could lead to a faster and stronger rise in oil prices.”
Iran just the other day said oil at around $75-$80 would be about right. So, I'd add about 50 cents to the average price for a gallon of gas if that happens. And you know our "friends" in OPEC will certainly do their best.