Oil Price Hike Will Boost Gasoline Prices Ten Cents
By: Web Producer
Updated: March 10, 2011
Latest Oil Price Hike Will Boost Gasoline Prices Ten Cents
(Washington, DC) -- Gasoline prices will soon take another ten-cent leap, thanks to the latest jump in wholesale oil prices.
That's according to the U.S. Energy Department, which predicts the average price of gasoline will be three-dollars-71-cents a gallon during the summer peak driving season June through August.
That's almost a dollar higher than last year.
The department's Energy Information Administration says the average American household will spend about 700 dollars more for gasoline in 2011 than it spent last year bringing the average to over 32-hundred dollars.
Unrest in the Middle East has pushed retail gasoline prices upward 38 cents a gallon in the past three weeks, to a nationwide average of three-dollars-52-cents a gallon.
The EIA said in its weekly oil market review there's a 25-percent chance that pump prices will exceed four-dollars a gallon nationally from June through August, and a ten-percent chance prices might fall below three dollars in that same time frame.
(Copyright 2011 by VERTEXNews/Newsroom Solutions)
RNS-03-10-11 0218CST
