WASHINGTON - Higher crude oil prices and rapid increases in mid-spring spot prices for gasoline have led to a sharp upward shift in this month's forecast for gasoline pump prices from the U.S. Department of Energy's (DOE's) Energy Information Administration (EIA).
The EIA now expects national average regular gasoline prices to be about $1.94 this summer (April through September), a significant rise over the $1.76 per gallon projected in April. The June price is now expected to peak at about $2.03 per gallon, compared to a peak of $1.82 projected last month.