Washington (CNSNews.com) - In testimony Thursday before the House Natural Resources Committee, Richard Newell, the administrator of the U.S. Energy Information Administration, told congressmen that gas prices will likely stay well above average for the remainder of the year.
“EIA expects continued tightening of world oil markets over the next two years, particularly in light of recent events in North Africa and the Middle East the world’s largest oil producing region,” said Newell.
“Our latest forecast, issued earlier this month, predicts that regular gasoline at the retail pump will average $3.70 per gallon this summer and $3.56 cents per gallon through the entire year which is about $.77 higher than last years levels.”
As of March 14, the national average price for a gallon of regular gas was $3.56 per gallon. However in some parts of the country the price for gallon has already risen well above $4.00.