EIA increases price forecast for retail gasoline
SAN FRANCISCO (MarketWatch) -- The Energy Information Administration increased Tuesday its price forecast for retail gasoline to $3.53 a gallon on average for the year from $3.49 in the agency's July outlook. The EIA kept its forecast for U.S. oil production at 6.3 million barrels a day, the highest production level since 1997. Consumption fell, with demand for gasoline accounting for the bulk of the drop. In the last two quarters of the year, however, the EIA said it expects a turnaround for energy consumption.