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November 13, 2007
WASHINGTON — Gasoline prices could rise as much as 20 cents in the next few weeks as the price at the pump catches up with the recent surge in oil costs, the head of the Energy Department's analytical arm said Monday, according to USA Today.
"We haven't seen the full pass-through yet," Energy Information Administration head Guy Caruso said.
Oil prices have risen approximately $20 a barrel in the past two months. Retail gasoline costs have increased about 30 cents a gallon in that time. The agency's models suggest gas prices will likely rise another 20 cents in the next two or three weeks to fully reflect the jump in oil costs, Caruso told reporters.
A few factors are helping to keep gas prices from jumping along with oil. Europe's gasoline inventories are fairly high, providing a cushion to world supplies. And U.S. gasoline demand softens in the fall and winter, helping "mute the price increase," Caruso said.
Posted by Peter C. T. Elsworth 
at 11:28 AM to Gas prices
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