The Energy Information Administration said that gas prices will remain in the $2 range through September, averaging $2.23 a gallon through the end of the summer.
The agency said that the monthly average will likely peak around $2.30 a gallon, much less than last year’s $3.81 a gallon.
Part of the reason for the decline is last year U.S. crude production declined by 110,000 barrels a day. This year they’re expecting the first increase in domestic production since 1991 by producing an extra 440,000 barrels a day.
The report also states that crude oil prices will average $53 a barrel this year and about $63 next year.