Energy Dept.: $4 Gas Price Here To Stay
By H. JOSEF HEBERT, Associated Press | June 11, 2008
WASHINGTON — The Energy Department says motorists can expect gasoline prices to remain close to $4 a gallon through next year.
Oil prices should remain well above $100 a barrel through 2009, the head of the department's Energy Information Administration, Guy Caruso, said
Mr. Caruso told a House hearing at Washington today that crude oil prices are likely to average $126 a barrel next year, $4 higher than this year. He said gasoline prices are expected to peak at $4.15 a gallon in August, but won't go down much. The agency projects gasoline averaging $3.92 a gallon through 2009.
Mr. Caruso said that oil prices are likely to stay high far into the future. He projected oil costing $107 a barrel in 2015.
