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Motorists can expect gasoline prices this summer to remain considerably lower than what they were last year even though they have been edging up in recent weeks, Purdue University energy economist Wally Tyner says.
“The best bet for this summer is that gasoline prices will generally remain below $3 a gallon, except in California and Hawaii, where they are normally higher than the rest of the country,” he said.
Tyner noted that while the national average price was $2.69 per gallon last week, it was 98 cents lower than at
Tyner explained some key drivers of gasoline prices:
“Greater instability or political or military unrest in any of these countries could cause prices to move higher,” he said.
In the longer term, Tyner said a nuclear deal between the U.S. and Iran resulting in a lifting of sanctions could increase the flow of Iranian oil on the world market, lowering gasoline prices.
“That could result in a price drop at the pump of as much as 30 cents in 2016,” he said.
Source: Keith Robinson and Wally Tyner, Purdue University
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