The Energy Department recently raised its short-term gasoline price forecast, saying it will peak at a monthly average of about $3.73 a gallon in June, 13 cents higher than its previous forecast.
The monthly report from the department's Energy Information Administration also predicted oil prices will average $110 a barrel this year, up $9 from last month.
The national average price of a gallon of regular gas slipped 0.1 cent overnight to $3.61, according to AAA and the Oil Price Information Service. Prices have slipped lower since May 1, leading some analysts to say gas is close to peaking. Others predict it will follow oil's upward surge.
And here is something very interesting. In February of this year, President Bush had a news conference, and Peter Maer of CBS News Radio asked: “What's your advice to the average American who is hurting now, facing the prospect of $4-a-gallon gasoline, a lot of people facing . . . "
The president said, “Wait, what did you just say? You're predicting $4-a-gallon gasoline?"
Maer responded: “A number of analysts are predicting $4-a-gallon gasoline. "
Bush's rejoinder: “Oh, yeah? That's interesting. I hadn't heard that. " Obviously, Bush was skeptical.
However, according to James Cordier, president of Tampa trading firms Liberty Trading Group and OptionSellers.com, said , “You're going to see new highs for gas prices, probably for the weekend, " said Cordier, who predicts an average price of $4 a gallon in the coming weeks.
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