Gas Prices Predicted To Come Down

gas prices 6Motorists across the country saw increases at the pump last week, but that trend is not likely to continue. The EIA updated its forecast, expecting monthly average gas prices to decline through the end of the year, reaching as low as $2.27 in December. According to the report, the average price of gasoline from June 1 – August 31 would be $2.60 – the lowest since 2009. The average price through the end of 2015 is forecast to be $2.47. If that forecast holds true, the average price for this year ($2.43) would also be the lowest since 2009.
Oil prices reached their highest level of the year last week, before settling below $60 on Friday. The price for a barrel of oil averaged $60.09 last week – an increase of 44 cents from the week before. Prices settled as high as $61.44 in the middle of the week on news of slowing domestic oil production and reports of increased demand.
The national average price for a gallon of regular unleaded gasoline on Sunday was $2.80; 5 cents more than last week, but 86 cents cheaper than this time last year.
The average price for gas in Tennessee is $2.58; 7 cents more than last week, but 83 cents cheaper than this time last year.
The low price per gallon in Manchester this week is $2.46 and the Tullahoma low price is $2.49.