The national average price for gasoline has dropped by 17.2 cents per gallon since early April, hitting $3.76 per gallon on Tuesday.
A gallon of regular is about 20 cents cheaper than it was the same time last year, according to AAA, Wright Express and Oil Price Information Service.
The Energy Department’s Energy Information Administration cut its forecast for gasoline prices in its short term energy outlook. EIA expects regular gasoline retail price for the April-through- September summer driving season to average $3.79 per gallon, 16 cents per gallon below the level in its previous outlook a month ago.
EIA thinks gasoline will average $3.71 per gallon this year and $3.67 per gallon in 2013.
In other energy futures trading, natural gas lost 3.5 cents to $2.301 per 1,000 cubic feet. (AP)