In the energy market Tuesday, crude for May delivery rocketed to a new high, closing at $113.79/barrel, up $2.03. May reformulated gasoline gained 5.92 cents, to $2.881/gallon.

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In the energy market Monday, crude for May delivery advanced, closing at $111.76/barrel, up $1.62 from Friday. May reformulated gasoline gained 1.45 cents, to $2.8218/gallon.

After years of denials $100-a-barrel oil has been recognized as a reality by Uncle Sam, reports The Wall Street Journal.

The WSJ reports that the “normally bearish” US Energy Information Administration forecasts that crude oil prices will remain above $100 this year.

Soaring demand in China, India, and Russia will continue to keep prices high. Lack of spare capacity worldwide will also continue to push up prices, according to the report.