Low gasoline prices for American consumers are here to stay for the rest of the summer, according to the U.S. Energy Information Administration (EIA). The agency says regular gasoline will average $2.38 per gallon through September, new projections show—marking the period as the second-cheapest summer for fuel since 2005. Low crude oil prices keep gasoline prices from rising, even as demand in the U.S. peaks from road trip season and high cooling needs. EIA projections show crude barrel prices nearing $50 for the rest of summer as production peaks from three countries unbound by OPEC’s international production cuts – United States, Libya, and Nigeria. “Crude oil prices have fallen in recent months as U.S. oil producers have increased drilling activity and production—with many of them hedging at higher oil prices seen in early 2017—and as Libya and Nigeria have produced at levels above expectations,” the report says. “These developments […]