Oil in April 2000

W A S H I N G T O N, April 6 — The good news for consumers is gas prices are anticipated to drop this summer. But the bad news is the decline will be slow. With an increase in international oil production as a backdrop, the Energy Department today dramatically revised its forecast for summer gasoline prices. The agency said prices should peak later this month and begin dropping sometime in May, averaging about $1.46 a …

…there are refinery shutdowns, prices would spike higher, the agency said. And although summer gasoline prices will be 25 percent higher than last year, demand is expected to remain strong, exceeding summer demand a year ago. The agency predicts refiners should have no trouble meeting the increase, barring any major refinery shutdowns. The report also predicted that crude oil prices will continue to drop for the remainder of the year, assuming continued increases in world production.