NC State Ag Economist Dr. Mike Walden – “Summer Gas Price Forecasts”


Mary:  This is Mary Walden with economist MW, welcoming you to the economic perspective.  Today’s program looks at summer gas price forecasts.  Mike, with summer around the corner households are already making plans for their big vacations.  With many people driving to their vacations, the cost of gas is an important consideration for their travel plans.  How are gas prices shaping up for the summer?

Mike:  Summary Answer

  1. Not bad
  2. US Energy Dept. predicts a gallon of gas will hover between $2.00 and $2.50 a gallon for the entire summer
  3. Highest in July, the peak summer driving month, and then falling after then
  4. Oil prices have been moving between $40 and $60 a barrel, with an average of around $50
  5. OPEC cut production, but US production is increasing
  6. So, right, gas prices look fairly good
  7. Of course – any unexpected negative world event could change this
  8. I’m MW

Mary: And I’m Mary Walden for the North Carolina Cooperative Extension Service