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 were also seen as a factor in the loss of 35,000 retail jobs in February and March.
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Here's the cycle (that results in BILLIONS of extra profits). Gas prices remain stable for 4-6 months. THEN, some "crisis" makes gas prices jump 45-80 cents. Gas companies let that continue for a month or two, then LOWER them by 5-10 cents. Everyone is overjoyed! but they are STILL paying lots more than they were 6 months ago. Mission (keep raising gas prices) accomplished. Repeat cycle in another 4-6 months.
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