Gas prices will keep falling this summer and through 2015

Gas prices will keep falling this summer and through 2015

During the April through September summer driving season, retail gasoline prices are expected to average $2.45 a gallon, substantially below last yearês $3.59, says the U.S. Energy Information Administration (EIA). Throughout 2015, the average U.S. household is expected to spend about $700 less on gasoline than last year the lowest level in more than a decade.

If the United States and other nations lift sanctions on Iran as agreed to in the framework agreement reached earlier this month, the forecast for world crude oil prices could drop by $5.00 to $15.00 a barrel, says the EIA. And if oil prices fall, gas prices fall.

Light vehicle sales in recent months show that when gas prices fall, light truck sales tend to rise at the expense of passenger cars. That has been enough of a trend recently and in the foreseeable future for NADA to forecast a rise in the light truck share of 2015 sales to 56 percent.

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