For the entire U.S. summer driving season, which runs from April through September, the EIA said it now expects gasoline to average $1.94 a gallon. The seasonwide average is 18 cents higher than the agency previously forecast.
Crude oil traded at the New York Mercantile Exchange jumped to close above $40 a barrel on Tuesday -- the highest close since October 1990 -- on doubts that OPEC will be able to increase oil output enough to satisfy the world's appetite.
OIL is not more a barrel than ever! Even before both Gulf Wars! I thought this war was supposed to bring oil prices down.