Why Gas Prices Will Stay High

You have to give Lynn Westfall credit. Not only is the chief economist for Tesoro (TSO) willing to talk to reporters as gasoline prices shoot up to a record of more than $3.20 a gallon, he even stopped by BusinessWeek’s Los Angeles offices recently to discuss why prices are so high with Senior Correspondent Christopher Palmeri.

Westfall doesn’t paint a pretty picture for motorists as Americans begin the peak summer driving season. Prices are likely to stay high for the foreseeable future, he says, hitting consumers in their pocketbooks. The Government Accountability Office (GAO) says that consumers already have spent $20 billion more on gasoline this year than last.

Businessweek