WASHINGTON, May 11 (UPI) -- The average retail gasoline price in the United States is expected to peak at more than $2 per gallon due to high demand and hefty prices for crude oil.
The U.S. Energy Information Tuesday revised its prediction of summer gasoline prices from a projected June peak of $1.82 to $2.03 per gallon following an increase in pressure on the wholesale market due to continuing tight supplies, lower imports and surging demand from consumers.
The EIA said regional wholesale gasoline prices had gone up as much as 20 cents per gallon at the same time consumer demand was running nearly 2 percent above last summer when pump prices were around 45 cents less.
Additional pressure on gasoline is coming from higher demand for jet fuel thanks to the improving U.S. economy.
