Cheaper gas seen in 2007

NEW YORK (CNNMoney.com) — Gasoline prices are expected to peak earlier and be about 11 cents lower this year compared to 2006, the government said Tuesday.

In its annual summer fuels outlook, the Energy Information Administration said nationwide average regular gasoline prices are expected to top out at $2.87 per gallon in May, compared with $2.98 per gallon seen last July.


“Although gasoline prices began their seasonal increase about a month earlier than usual, the rapid rate of price increase is projected to slow over the next few months.” EIA said in its report.

Gasoline is expected to average about $2.81 a gallon this summer, down slightly from $2.84 in 2006, the EIA report said.

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