Gas will be cheaper this summer, cheaper still in 2014

Gas will be cheaper this summer, cheaper still in 2014

Motorists will pay 5 cents less per gallon of gasoline this summer than last year, says the U.S. Energy Information Administration, part of the Energy Department. The lower price is caused partly by a slight drop in the price of crude oil, which accounts for 65 percent of the cost of gasoline.

Regular gas is forecast to average $3.63 per gallon from April through September, said the EIA. For the entire year, EIA expects regular gasoline retail prices to average $3.56 per gallon in 2013 and $3.39 per gallon in 2014, compared with $3.63 per gallon in 2012, says the agencys Short-Term Energy Outlook.