U.S. Raises 2013 Gasoline Pump Price Outlook, Lowers Demand

The U.S. Energy Department increased its forecast for prices at the pump in 2013 and lowered its estimate for gasoline demand.

Regular-grade gasoline will average $3.44 a gallon, up from $3.43 in last month’s forecast, the department’s Energy Information Administration said today in its monthly Short-Term Energy Outlook. Prices in 2012 averaged $3.63 a gallon.

Gasoline consumption this year will average 8.73 million barrels a day, down from 8.74 million in last month’s projection and unchanged from last year.

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