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Feds expect lower summer gas prices

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The Energy Information Administration is projecting summer gasoline prices to average about $3.63 per gallon this year, down six cents from average April to September prices last year.

The EIA is attributing the lower prices to slowly lower crude oil prices, a decline in gasoline consumption and other factors. The monthly average price for gasoline in March was $3.69 and is expected to fall to around $3.57 by September.

"U.S. drivers are expected to pay less for gasoline this summer, on average down 6 cents per gallon from last summer, due in large part to slightly lower crude oil prices that account for 65 percent of the pump price," said EIA Administrator Adam Sieminski. "With more fuel-efficient cars and trucks on the highways and expected gasoline prices below last year's level, Americans will have lower motor fuel expenses this year."

Diesel prices are also expected to be down one penny from last summer's average due to higher production.

Average prices for 2014 are projected to continue sliding, to $3.39 per gallon.

Prices could increase if emerging economies such as China and India continue strong economic growth and expand their thirst for oil. Those pressures, Sieminski said, would likely be offset by Europe's economic struggles.