Summer gas prices forecast at $3.79

Associated Press

NEW YORK

Gasoline prices likely won’t set any records this summer, thanks to a recent drop in the price of oil.

The government on Tuesday slashed its forecast for average gas prices to $3.79 per gallon for the summer driving season. That’s down from an initial estimate of $3.95 and below 2008’s record average of $3.80.

The Energy Information Administration’s revised forecast is encouraging news for the economy. Some economists blame high pump prices for so-so consumer spending this year. They also were seen as a factor in the loss of 35,000 retail jobs in February and March.

Gasoline prices soared 20 percent from January to early April.