Gas prices climb to record $4.10

Martinne Geller
Reuters
June 23, 2008

NEW YORK – Gasoline is costing U.S. drivers a record $4.10 per gallon on average, but pump prices may be at a peak and could start to come down, an industry analyst said on Sunday.

That optimism is linked to a pledge by Saudi Arabia to pump more oil in response to consumer countries’ requests, according to Trilby Lundberg, editor of the nationwide Lundberg survey of about 7,000 gas stations.

“I suspect that oil prices have peaked and will flip further because of this news and the physical addition of more oil on the market in July,” Lundberg said. “This gives a strong chance that pump prices are peaking now, or may already have done so.”

A barrel of oil has doubled in price over the past year, stoking inflation, triggering protests from Asia to Europe, and compounding the financial pain of U.S. consumers already grappling with a sagging housing market, job uncertainty and soaring food costs.

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