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WASHINGTON — The Energy Department raised its estimate for the price of gasoline and crude oil, saying the motor fuel may reach $4 a gallon because of oil-supply concerns, a monthly report showed.
Regular unleaded gasoline in the U.S. will average $3.365 a gallon in the summer driving season, and there’s a “significant possibility” that prices will cross $4, the department said.
West Texas Intermediate crude oil, the U.S. benchmark, will average $94.11 a barrel in 2008, the department said. The forecast is up 8.8 percent from $86.46 estimated last month and 30 percent from $72.32 in 2007.
