Tesoro CEO Sees No Demand Dropoff for Gas

WASHINGTON – The head of one of the country’s largest independent refining companies said Wednesday he would not expect $3-a-gallon gasoline to cause a major dropoff in demand this summer.

American consumers “have accepted a little higher price,” Bruce A. Smith, chairman and CEO of San Antonio-based Tesoro Corp. said in an interview, emphasizing that he was not making a prediction about where prices are headed.

Smith said motorists no doubt dislike paying more than $2.50 a gallon these days, but he believes the short-term alternatives