The administration's Short-Term Energy Outlook forecasts a decline in crude oil prices and gas consumption along with an increase in gasoline inventory levels. Cheaper crude oil will have the biggest impact, as it accounts for two-thirds of the overall price of gas. Crude oil is expected to be down about $1.50 per barrel.
The Administration also looked different regions of the country, projecting what residents can expect to pay at the pump in the East Coast, Midwest, Gulf Coast, Rocky Mountain and West Coast areas. Drivers on the West Coast will be faced with gas prices as much as 26 cents per gallon higher than the national average. Conversely, residents of the Gulf Coast states may enjoy prices of 16 cents per gallon lower than the national average.
The chart below shows the price projections for each of these regions as well as the averages from one year ago.
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