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Filed under: Etc.

According to the DOE's Energy Information Administration (EIA), crude oil prices are expected to steadily increase over the next two years, hitting $99 per barrel by the end of 2012. Tightening of world oil markets, along with a growth in consumption, will continue to drive oil prices up from the recorded average of $89 a barrel in December 2010 to an estimated $93 per barrel for 2011.

Higher crude oil prices directly translate into increases at the pump. The EIA projects that regular-grade gasoline will climb from the documented average of $2.78 per gallon in 2010 to $3.17 in 2011 and hit $3.29 per gallon by the end of 2012. Likewise, the cost of diesel fuel is estimated to soar from the recorded $2.99 per gallon in 2010 to $3.52 in 2012. Adding to the pain at the pump, the EIA predicts that there's at least a seven percent chance that the retail price of gasoline could, once again, exceed the $4 mark at some point this July.

[Source: U.S. Department of Energy | Image: Kari_Marie - C.C. License 2.0]Continue reading DOE: Oil will average $99/barrel by end of 2012; gas $3.29 per gallon

DOE: Oil will average $99/barrel by end of 2012; gas $3.29 per gallon originally appeared on Autoblog on Tue, 01 Feb 2011 10:31:00 EST. Please see our terms for use of feeds.

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