Could it Be? Cheaper Gas in 2007?

According to the Energy Information Administration, gas prices nationwide will peak earlier and be roughly 11 cents lower this year than in 2006; they’re predicted to top out at about $2.87 in May, compared with $2.98 in July of last year. The average price this summer is expected to be $2.81, versus $2.84 last year. These prices are about 7 cents higher than the current average price of unleaded, which has risen for 10 consecutive weeks.

The news isn’t exactly something to jump for joy over, but CNNMoney puts things in even greater perspective: Compared with 1980’s post-oil-embargo highs, we’re still spending less on a gallon of gas now — counting inflation — than we were then.

[Cheaper Gas Seen in 2007, CNNMoney]