Gas Prices Could Peak at $4 a Gallon

By Chris



This summer, gas prices could reach as high as $4 a gallon, says the Energy Department on Tuesday. High prices and a weak economy are expected to lower the demand of gasoline 0.4% during the peak summer driving season, the department's Energy Information and Administration said in a monthly report on petroleum supply and demand. Overall, the comsumption of petroleum will decrease 90,000 barrels a day this year. Average monthly gas prices will peak around $3.60 during June, though prices could raise much higher at times. According to AAA, oil and gas prices are 55 cents higher than a year ago. On Monday, prices set a national average record at $3.339 a gallon.