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U.S. Hikes Gasoline Price Forecast
Americans will pay an average of $3.55 per gallon this year, down from $3.63 in 2012, mainly because of declining oil prices, the Energy Information Administration estimates.
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Americans will pay an average of $3.55 per gallon this year, down from $3.63 in 2012, mainly because of declining oil prices, the Energy Information Administration estimates.
But the agency's new forecast is 11 cents per gallon higher than its prediction a month ago. The EIA expects gasoline prices to ease to $3.39 in 2014.
Diesel is projected to dip 5 cents per gallon to an average of $3.92 per gallon in 2013 and drop an additional 10 cents next year.
Gasoline consumption in the U.S. this year will average 8.73 million barrels per day compared with 8.72 million bpd in 2012, the EIA predicts. It says increased travel will be mostly offset by fuel economy improvements.
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