Hate gasoline prices? Wait until your heating oil bill

WASHINGTON (Reuters) - Gasoline prices will look like a good deal to many consumers after they see their heating oil bills this winter.

Residential heating oil is expected to average $4.68 a gallon this December and $4.67 in January, the federal Energy Information Administration said on Tuesday in its latest monthly forecast.

That is about 20 cents more a gallon than the EIA had projected just a month ago and up $2 from 2007.

During the same two months, gasoline is forecast to average $4.21 and $4.18 a gallon, respectively, according to the agency.

The main driver behind the higher gasoline and heating oil prices will be expensive crude oil, which accounts for more than 70 percent of the cost of making the petroleum products.

(Reporting by Tom Doggett; Editing by John Picinich)