Tuesday, November 13, 2007

Gas Prices

Gonna keep rising for awhile.

Gasoline prices could rise as much as 20 cents in the next few weeks as the price at the pump catches up with the recent surge in oil costs, the head of the Energy Department's analytical arm said Monday.

"We haven't seen the full pass-through yet," Energy Information Administration head Guy Caruso said.

Oil prices have risen approximately $20 a barrel in the past two months. Retail gasoline costs have increased about 30 cents a gallon in that time. The agency's models suggest gas prices will likely rise another 20 cents in the next two or three weeks to fully reflect the jump in oil costs, Caruso told reporters.