Energy Dept. boosts outlook for oil and gas prices
NEW YORK (AP) - March 8, 2011 (WPVI) -- 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.
energy, gas prices, business/finance
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