NEW YORK (AP) -- The U.S. Department of Energy says pump prices this spring and summer will average $3.70 with a barrel of oil averaging $102.
Conflict in the Middle East and fighting in Libya prompted government analysts to raise expectations for gasoline prices by 50 cents a gallon in its monthly Short-Term Energy Outlook released Tuesday. The Energy Department boosted its per-barrel oil estimate by $9 for the peak driving season.
The report says there is "significant uncertainty surrounding the forecast" and pump prices could spike above $4 this summer, which would threaten the all-time highs reached at the beginning of the recession three years ago.
Conflict in the Middle East and fighting in Libya prompted government analysts to raise expectations for gasoline prices by 50 cents a gallon in its monthly Short-Term Energy Outlook released Tuesday. The Energy Department boosted its per-barrel oil estimate by $9 for the peak driving season.
The report says there is "significant uncertainty surrounding the forecast" and pump prices could spike above $4 this summer, which would threaten the all-time highs reached at the beginning of the recession three years ago.
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