The average price U.S. consumers pay for gasoline could peak at $4.10 a gallon if crude oil
prices stay around $120 to $125 a barrel, the government's top energy forecaster said on Monday.
Speaking at the Reuters Global Energy Summit, Guy Caruso, who heads the federal Energy Information Administration, said the national retail price for gasoline will soon hit $4 a gallon and could peak at $4.10 later this month.
The higher fuel price will further cut into overall oil demand, according to Caruso.
He said the EIA will revise its estimate for U.S. oil demand this year downward by 10,000 barrels a day when the agency releases its new monthly energy forecast next week.