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EIA Raises Price Forecast for Gasoline, Crude Oil

NEW YORK -- The Energy Information Administration (EIA) raised its outlook for this year's gasoline and crude oil prices.

Regular gasoline prices are expected to average close to $2.70 a gallon in July. The annual average regular gasoline price in 2009 is expected to be $2.33 per gallon, according to a report by the Wall Street Journal.

Crude oil prices are expected to average $58.70 a barrel this year, according EIA. The agency had forecast $52 a barrel a month ago. It also raised the outlook for next year's crude price to $67.42 from $58.

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