Gas futures inch up amid US summer supply worries
http://www.boston.com/business/globe/articles/2007/05/04/gas_futures_inch_up_amid_us_summer_supply_worries/

NEW YORK -- Gasoline futures prices edged higher yesterday on
continuing supply concerns while oil prices extended their declines
after the US government said it would suspend oil purchases for the
Strategic Petroleum Reserve.

Meanwhile, prices at the gas pump are flirting with $3. The national
average retail price of a gallon of gasoline rose 1.4 cents to $2.991
yesterday, according to AAA, reflecting the recent advance in the
futures market.

Analysts think the market for gasoline is likely to remain tight and
that prices will therefore stay high. Many analysts are concerned
gasoline supplies won't be adequate to meet peak demand during
the summer driving season, which begins Memorial Day weekend.

Hunter said the spring rally in oil and gasoline prices was largely due
to the Department of Energy's plan, disclosed in January, to buy up
to 129,033 barrels of crude oil a day. Yesterday, the department
rejected bids for the purchase of up to 4 million barrels of crude as
too high, and said it will suspend all purchases of oil for the reserve
until at least after the summer driving season.
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