* US households to spend 28 pct more for gasoline in 2011
* Summer gasoline price almost $1 higher than last year
* Pump price may exceed $4 a gallon June through August
(Recasts, updates with household spending on gasoline, summer
By Tom Doggett
WASHINGTON, March 9 U.S. drivers will pay
another 10 cents a gallon for gasoline before the latest jump
in wholesale costs is fully passed on at the pump, and yearly
motor fuel costs will rise 28 percent from last year, the
Energy Department said on Wednesday.
The average U.S. household will spend about $700 more for
gasoline in 2011 than it spent last year, bringing total motor
fuel expenses up 28 percent to $3,235, based on an annual pump
price of $3.61 a gallon, the department's Energy Information
Retail gasoline prices soared by 38 cents over the last
three weeks to $3.52 per gallon, according to the EIA, because
of high crude oil costs due to unrest in the Middle East.
"Because the pass-through of changes in wholesale gasoline
prices to the retail level is lagged, pump prices would be
expected to rise a further 10 cents per gallon to fully reflect
the current wholesale price level even without considering any
future wholesale price movements," the EIA said in its weekly
review of the oil market.
Higher gasoline prices will give consumers less money to
spend on other goods and services, which many economists fear
could slow the U.S. economy.
The EIA said it expects drivers will pay an average $3.71 a
gallon during the summer peak driving season from June through
August, about 98 cents more than last year.
There is a 25 percent chance the pump price will exceed $4
a gallon from June through August, the agency said, compared
with a 10 percent probability gasoline could fall below $3
during the same period.
(Reporting by Tom Doggett; Editing by David Gregorio)