The U.S. average retail gasoline price is expected to peak at a record of over $3.40 a gallon at the start of next spring's driving season, the Energy Information Administration said Tuesday.
"Both motor gasoline and diesel prices are projected to average well over $3 per gallon in 2008, with gasoline prices peaking at over $3.40 per gallon next spring," the EIA said its new monthly energy forecast.
The current all-time high national price for gasoline is $3.22 a gallon set last May. The average U.S. pump price is now at a 6-week low of $3 a gallon.