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Government Agency Raises Summer Gasoline Price Estimate

U.S. consumers will pay an average $2.71 a gallon for gasoline this summer, up from the prior estimate of $2.62 and 34 cents higher than last summer, the government's top energy forecasting agency said Tuesday.

The federal Energy Information Administration said the national price for regular unleaded gasoline this week fell a penny to $2.91 a gallon, the first decline in six weeks.

EIA Administrator Guy Caruso told Reuters last week that the vast majority of the recent jump in wholesale gasoline prices had already been passed on to consumers at the pump and fuel costs were close to peaking.

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