Record gasoline prices expected this summer

By Harold Brubaker

Crude oil traded at more than $55 a barrel today on the New York Mercantile Exchange, near its October record and 54 percent higher than a year ago.

Guess what it means that the biggest component in the price of gasoline is $20 more expensive this year than last?

“This is going to be a record summer for gasoline prices” said Ben Brockwell, editor-in-chief of Oil Price Information Service in Lakeland, N.J. He said it would be the fifth consecutive summer of record retail prices.

Last year, the average price peaked at $2.05 per gallon on May 26. “We expect that average to be broken as early as April this year,” Brockwell said. He expects prices be in the range of $2.15 to $2.20 per gallon this summer.

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