Energy Secretary says pump price may hit $3.50/gallon

WASHINGTON (Reuters) – Energy Secretary Sam Bodman said on Monday he is concerned that average U.S. gasoline pump prices could hit $3.50 a gallon this summer, and said he is “optimistic” that OPEC will come to the rescue of U.S. drivers.

The U.S. retail price of gasoline set a new high of $3.29 a gallon last week, and some analysts say prices could hit the $4 mark this summer as U.S. families take to the highways for vacation travel.


“I’m concerned that we could hit $3.50″ per gallon, Bodman told reporters at an energy conference hosted by the Energy Information Administration. “I would like to think that we’re not going to get to $4 (a gallon) but I don’t make forecasts — whatever it is, it is,” Bodman said.

Soaring pump prices this summer will reduce U.S. gasoline by 85,000 barrels per day versus a year ago, according to EIA administrator Guy Caruso.

Reuters