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U.S.: Outlook calls for rising gas prices

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Posted 12:50PM on Thursday 9th January 2003 ( 22 years ago )
WASHINGTON - The U.S. Energy Department looks for gasoline prices to climb over the next three months. It cites the cutoff of production from Venezuela. <br> <br> Gasoline prices nationwide are expected to average a $1.54 a gallon by mid-spring. That&#39;s about ten cents a gallon higher than this week&#39;s national average. <br> <br> Summer prices are likely to be even higher if fuel demand increases with the arrival of the busier driving season. The department says a shortage of crude and refined gasoline from Venezuela could cause regional price spikes. <br> <br> The projections do not take into account the turmoil over Iraq and assume that Iraqi exports will continue. <br> <br> Last year, Iraq produced about two million barrels a day. Experts have said serious worldwide crude shortages could develop if war erupts in Iraq and if Venezuela&#39;s oil fields remain unproductive.

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