EIA raises retail gasoline price estimates

SAN FRANCISCO (MarketWatch)
The U.S. Department of Energy's Energy Information Administration on Tuesday raised its price forecast for retail gasoline, saying prices at the pump will average $3.79 a gallon this year and $3.72 a gallon in 2013
The agency had forecast retail prices averaging $3.55 in 2012 and $3.59 in 2013 in last month's report The agency also said prices are likely to peak at $3.96 a gallon in May
In addition, the EIA said New York-traded oil futures will average $106 this year, $5 higher than in the agency's previous monthly outlook and $11 per barrel higher than the average price last year
Crude-oil futures declined Tuesday, hit by concerns about the global economic outlook