Government Boosts Forecast for Pump Prices

The government is boosting its forecast for gasoline prices this year following an 11 percent increase since the middle of December.

Pump prices should average $3.55 a gallon in 2013, according to the Energy Information Administration, the statistical arm of the Energy Department. That's up 11 cents from EIA's forecast in January and would be the second-highest annual average ever, after last year's $3.63 a gallon.

The national average was $3.61 on Monday, the EIA says. It was $3.25 on Dec. 17.

The EIA primarily pins the increase on higher oil prices. Brent crude, the benchmark for many international varieties of oil imported to the U.S., rose $10 a barrel from mid-December to early February. That equates to about 24 cents per gallon of gas, the EIA says.


Read/Post Comments (1) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On February 13, 2013, at 9:48 AM, StopPrintinMoney wrote:

    yeah, but inflation is SOOOOO low, no one worries about some decimally increasing gas prises ! P

Add your comment.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2250788, ~/Articles/ArticleHandler.aspx, 8/22/2014 5:36:57 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement