US raises forecast for summer gasoline prices
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May 8, 2019
Gasoline for that summer road trip will cost a bit more than experts in the federal government were expecting just a month ago.
The government is also predicting higher prices for crude oil despite an increase in U.S. production. That's because global demand is rising faster than previously expected.
The Energy Information Administration on Tuesday estimated that the U.S. will pump a record 12.45 million barrels of oil a day this year and that will rise again to 13.38 million barrels a day in 2020. Those are slightly higher numbers than the agency forecast in April.
The agency's administrator,...
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