16 May 2007 - 13:44
  • News Code: 104835

The national average price for regular unleaded gasoline rose 5 cents over the last week and hit a record 3.10 dollars per gallon this week, according to a survey released by the U.S. Energy Information Administration on Tuesday.

The gasoline price will stay at or near 3 dollars per gallon for most of the summer due to strong gasoline demand, higher crude prices and lower fuel inventories, but will not climb to the 4 dollars level, said the EIA.


"With refinery production expected to improve during the rest of May and import volumes increasing over the last few weeks, gasoline markets may ease somewhat, causing gasoline prices to recede from their current high levels," Guy Caruso, the EIA leader, told lawmakers on Tuesday.


He also urged the Organization of the Petroleum Exporting Countries (OPEC) to boost crude production this summer.


"We do think there will be a need for more OPEC oil," he said, "The most important thing is to keep the market adequately supplied."



News Code 104835

Your Comment

You are replying to: .
3 + 10 =