$3 Gasoline Headed America's Way Again
Gasoline pump prices may return to $3 a gallon in the U.S. this summer as demand recovers and conservation efforts in the aftermath of Hurricanes Katrina and Rita prove to be temporary.
Motorists won't hesitate to travel this summer, even if prices are higher than last year, said Charles Spinelli, controller at a New Jersey fuel distributor, Edward J. Sweeney & Sons. Car buyers sought better mileage when fuel prices jumped after the storms, only to drop that request later, Nissan Motor Corp. Chief Executive Officer Carlos Ghosn said last week.
"The public was immune to $2.50 or $2.75 gas last year," said Spinelli, referring to prices before the storms. He estimates that a $1 increase in gasoline prices might add $30 or $40 to the cost of driving to the New Jersey shore and back. "I don't think that stops anybody from going on vacation."
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