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Gasoline to Peak Over $3.40 a Gallon Next Spring: EIA

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.

Gas Pump
Mark Lennihan
Gas Pump

"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.