Gasoline prices in the U.S. are expected to drop below $3 a gallon this summer, the lowest in over four years, due to decreased demand and increased imports. U.S. President Donald Trump’s promise to lower fuel prices may not have a significant impact. Factors like extreme heat and more fuel-efficient vehicles are leading to a permanent reduction in gasoline consumption. Analysts predict that the national average price of gasoline could fall below $3 per gallon by September. Increased imports of gasoline into the U.S. have led to a surge in storage demand, with weekly imports peaking at the highest level in over a year. Nigeria’s Dangote oil refinery and Irving Oil refinery in New Brunswick have contributed to increased imports of gasoline meeting U.S. standards. Colonial Pipeline’s capacity increase is also boosting flows of gasoline to the East Coast markets.

Read more at Yahoo Finance: High imports, soft summer demand weigh on US gasoline