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    Gas Prices to Peak at $3.40 per Gallon Next Spring

    The Energy Information Administration expects prices well over $3 for 2008.

    WASHINGTON -- The government's Energy Information Administration (EIA) projected that the average U.S. retail price per gallon for gasoline will peak at a record of more than $3.40 per gallon at the beginning of the spring driving season in 2008, Reuters reported.

    "Both motor gasoline and diesel prices are projected to average well over $3 per gallon in 2008, with gasoline prices peaking at over $3.40 per gallon next spring," Reuters cited the EIA as stating in its monthly energy forecast.

    To date, the nation's record price for gasoline is $3.22 a gallon, which was set in May. Currently, the average U.S. pump price is at a six-week low of $3 a gallon, Reuters reported.

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