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EIA sees more demand, higher prices for gasoline

EIA sees more demand, higher prices for gasoline (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- U.S. drivers will consume more gasoline this summer, but they will also pay $1.10 a gallon more for the privilege, the Energy Information Administration said Tuesday in its short-term outlook report. Retail prices are forecast to peak at $3.91 a gallon in early summer, and average $3.86 a gallon during the driving season, which started April 1 and will end Sept. 30. Prices averaged $2.76 a gallon last summer. The agency also projected a 0.5% increase in gasoline consumption compared to the previous summer. With the projected increase in gasoline prices, vehicle fueling costs for the average U.S. household will be $825 higher this year than in 2010.

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EIA sees more demand, higher prices for gasoline