EIA Raises 2009 Oil Pricing Forecasts to Above $58


U.S. summer retail gasoline prices are expected to peak this July at a monthly average of near $2.70 a gallon, the Energy Information Administration said on Tuesday in its latest monthly energy forecast.

The organization raised its 2009 retail pricing forecast 13.5 percent to $58.70 and lifted its 2010 pricing forecast 16.7 percent to $67.42.

Pump prices are moving higher, in part, because of rising crude oil costs. The EIA said it expects the price for U.S. oil to average $67 a barrel during the second half of this year, about $16 higher than during the first six months of 2009.

The EIA cut its forecast for OPEC oil production in 2009 to 28.49 million barrels per day from its prior estimate of 28.65 million bpd.

In its June short-term energy outlook, the EIA raised its forecast for non-OPEC oil output this year to 50.15 million bpd from its previous projection of 49.83 million bpd.

Crude prices were up on the day.

Reuters contributed to this report