EIA raises retail gasoline price estimates

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EIA raises retail gasoline price estimates (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- The U.S. Department of Energy's Energy Information Administration on Tuesday raised its price forecast for retail gasoline, saying prices at the pump will average $3.79 a gallon this year and $3.72 a gallon in 2013. The agency had forecast retail prices averaging $3.55 in 2012 and $3.59 in 2013 in last month's report. The agency also said prices are likely to peak at $3.96 a gallon in May. In addition, the EIA said New York-traded oil futures will average $106 this year, $5 higher than in the agency's previous monthly outlook and $11 per barrel higher than the average price last year. Crude-oil futures declined Tuesday, hit by concerns about the global economic outlook. The April contract (clj2) was recently off $1.64 at $105.08 a barrel on the New York Mercantile Exchange.

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