Conflict in the Middle East and fighting in Libya prompted government analysts to raise expectations for gasoline prices by 50 cents a gallon in its monthly Short-Term Energy Outlook released Tuesday. The Energy Department boosted its per-barrel oil estimate by $9 for the peak driving season.
The report says there is "significant uncertainty surrounding the forecast" and pump prices could spike above $4 this summer, which would threaten the all-time highs reached at the beginning of the recession three years ago.
