A new report by the U.S. Department of Energy predicts that pump prices for gasoline will average $3 per gallon by next summer.
"Sustained economic growth in China and other Asian countries is contributing to the beginnings of a rebound in world oil consumption," the Energy Department said in its November Short Term Energy Outlook, published this week. The Energy Department expects crude oil prices to stay above $80 per barrel next year, if economic recovery in China and other developing countries continues.
According to AAA, the national average price of gasoline last week was $2.65, up 17 cents from a month ago. (Tire Review)