Gasoline Prices May Return to $3 Record as U.S. Demand Rebounds

Gasoline pump prices may return to $3 a gallon in the U.S. this summer as demand recovers and conservation efforts in the aftermath of Hurricanes Katrina and Rita prove to be temporary.

Motorists won’t hesitate to travel this summer, even if prices are higher than last year, said Charles Spinelli, controller at a New Jersey fuel distributor, Edward J. Sweeney & Sons. Car buyers sought better mileage when fuel prices jumped after the storms, only to drop that request later, Nissan Motor Corp. Chief Executive Officer Carlos Ghosn said last week.
Bloomberg