Gas prices lower, expected to keep falling through year end

Gas prices lower, expected to keep falling through year end

Regular gasoline prices fell to an average of $3.61 per gallon in July, 8 cents below the June average, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook. Gas prices are projected to fall to an average of $3.30 per gallon in December.

EIA expects retail gas prices to average $3.50/gallon in 2014 and $3.46/gallon in 2015, compared with $3.51/gallon in 2013.

EIA Administrator Adam Sieminski said in a statement that the United States will produce more oil next year than any year since 1972.

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