Energy Department forecasts gas prices

April 8, 2008 10:54:04 AM PDT
The government has a good idea how high the pain at the pump will go.

The Energy Department says retail gasoline prices could climb as high as $4 a gallon this summer. But it says the high cost of gas will make many Americans think twice about hitting the road this summer, curbing demand.

The Energy Information Administration says average monthly gas prices will peak around $3.60 a gallon in June. However, prices could rise much higher than that at times.

The AAA and the Oil Price Information Service say gas prices have slipped slightly to a national average of $3.331 a gallon from Monday's record of $3.339. That's up 55 cents from a year ago.