Retail gasoline prices pulled back slightly from record levels Tuesday and gave some consumers a small break, but but the government curtailed the celebration by announcing that gasoline prices could rise as high as $4 per gallon this Summer.
Oil futures prices, meanwhile, fell as the dollar stabilized, giving investors an opportunity to lock in profits from crude's recent rally. Limiting the declines were developments in Iran, which announced plans to expand its uranium enrichment program and said it has tested key equipment, a move that raised the market's concerns about political conflict that could affect the country's oil exports.

The government also predicted high prices will cut demand for gasolineoline at the height of the summer. gasoline consumption will fall by about 0.4 percent during the peak summer months, and overall consumption of petroleum products will drop by 90,000 barrels a day this year, the EIA said. This was contrary to the previous forecast that said gasoline useage would increase by forty thousand barrels/day during that time period.
Americans are already driving less for the first time in decades over the first few months of 2008.
The chilling effect certainly has something to do with the fact that gasoline prices are 55 cents higher than this time last year
The primary reason for the increase in cost of gasolineoline is the cost of a barrel of crude oil which just yesterday rose above $112! And one of the reasons for that increase is the rapid decline of the US dollar.
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