Feds boost summer gas price forecast
Retail prices expected to average $2.95 a gallon this summer, higher than last year; refinery problems blamed for 14-cent outlook boost.
NEW YORK (CNNMoney.com) -- Citing nationwide refinery problems and strong demand, the government raised its projected price for gasoline Tuesday, saying a gallon of regular will now cost an average of $2.95 this summer.
Last summer the average price was $2.84, according to the Energy Information Administration.
The previous forecast for this summer's prices, done last month, was $2.81.
In terms of highs, the government seems a bit behind.
EIA said gas prices are projected to peak at $3.01 a gallon, once in May and then again in August.
EIA's own price survey, released Monday, said national average prices were $3.05 a gallon.
According to the motorist organization AAA, average prices are $3.04 a gallon. And Trilby Lundberg, publisher of the Lundberg Survey, said over the weekend that average gasoline prices hit $3.07 a gallon, a record.