$4 gas by summer? Maybe, but not for long

Cincinnati Enquirer

Gasoline prices could approach $4 a gallon in parts of the U.S. this summer, but probably not for long if they do, analysts say.

Patrick DeHaan, senior analyst at online price tracker Gasbuddy.com, says prices may top out around Memorial Day between $3.65 and $4.05 a gallon.

Still, the $4-a-gallon gas is at the upper end of estimates, and becoming less likely as international oil price increases slow, DeHaan said.

The federal Energy Information Administration agrees. It expects regular gas to average $3.22 naitonally this summer - 46 cents more a gallon than last year. There's only a 10 percent chance that prices will exceed $4 a gallon, that agency says.

Benchmark crude for March delivery settled at $87.87 a barrel on the New York Mercantile Exchange on Monday, down $1.24 from Friday. The price of oil has fallen more than 3 percent since Wednesday, when it was close to $91 a barrel.

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$4 gas by summer? Maybe, but not for long »