Gasoline To Rise Another 20 Cents Per Gallon: EIA

The average price U.S. consumers pay for gasoline should rise by another 20 cents a gallon

Gas Pump
Mark Lennihan
Gas Pump

over the next two to three weeks, because not all of the recent jump in crude oil prices has been passed on to consumers at the pump, Guy Caruso, the head of the U.S. Energy Information Administration, told reporters on Monday.

"We haven't seen the full pass-through (of high oil prices) yet," he said.

Separately, Caruso said crude oil prices will stay "well over" $80 a barrel if OPEC members do not agree to boost their oil production when the group meets in December.

U.S. crude was trading below $95 Monday.

Caruso did not say how much OPEC should raise its oil output to keep prices from climbing.

Caruso pointed out that OPEC ministers have cited the weak U.S. dollar as justification for high oil prices.