Gasoline prices are expected to hit their lowest summer average since 2009, the U.S. Energy Information Administration said Tuesday.
The $2.67 per gallon average for April through September is mostly due to a 41 percent year-to-year price drop for North Sea Brent crude oil, the agency said. At about $57 per barrel, oil is trading at nearly half its value from June 2014, when it fetched more than $110 per barrel.
Lower prices will prompt more road travel this summer than last summer, the Energy Information Administration said, with average consumption increasing by 194,000 barrels of oil — or 2.1 percent — per day. Americans will travel 2.2 percent more miles than last summer, the largest single-year bump in 11 years.
But more than just low gas prices will have Americans hitting the highway this summer, as the EIA attributed the expected bump in road warriors to "higher real disposable income, substantially lower retail motor gasoline prices, and higher employment and consumer confidence."
Real disposable income is projected to be 3.6 percent higher than last summer, the largest jump in nine years. Non-farm employment figures are expected to rise 2.1 percent, the sharpest increase since 2000.