According to the U.S. Department of Energy’s Short-Term Energy Outlook for 2011 and 2012 that was recently released, gasoline prices are expected to average $3.17 per gallon in 2011 and $3.29 in 2012. The increase in prices is partly due to the increase in crude oil prices. The DOE predicts that crude oil will cost roughly $93 per barrel throughout 2011 ($14 higher than in 2010). This price is also expected to increase to $99 per barrel in 2012. The DOE also said that another reason for the price hike is the expected global oil usage
Read Article