NEW YORK — Gasoline prices likely won't set any records this summer, thanks to a recent drop in the price of oil.
The government 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 for the economy. Some economists blame high pump prices for so-so consumer spending. The prices 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. A few analysts warned drivers they could pay $5 this summer.
But the price of benchmark crude has dropped about $8 per barrel since early April. Retail gas prices have followed, falling 17 cents since reaching $3.936 on April 5.
Oklahoma drivers paid an average of $3.498 a gallon Tuesday, down nearly a quarter from a month ago, according to AAA's Fuel Gauge Report. The price in Oklahoma City was $3.466 a gallon on average.