Will Drivers Get A Summer Price Break? Two Views

Patrons line up for fuel, Tuesday, May 30, 2006, in Cincinnati. Oil prices rose above $72 a barrel Tuesday ahead of an OPEC meeting in Venezuela and the start of the Atlantic hurricane season later this week. The Memorial Day holiday marked the beginning of the peak driving season in the U.S., a period when energy traders are extra skittish about any loss of oil production or refining capacity. (AP Photo/Al Behrman)

Gasoline prices have been on the rise for the past 10 weeks -- and the summer driving season is just around the corner. Is there price relief around the bend? Stephen Schork, editor of The Schork Report and Vincent DeVito, former acting assistant secretary of energy and an attorney with Pepper Hamilton, debated the issue Wednesday on “Morning Call.”

Schork says refiners will put more gasoline in the market, and that will give drivers a break this summer.

“Refineries are going to be coming out of turnarounds in the next two to three weeks, and given the excessive profit margins that are available for them, they’re going to be making as much gasoline as possible,” said Schork. He also believes prices will not reach the same highs as last year’s peak.

But DeVito said, “It is clear that the market is much too volatile for the prices to decline right now.” He believes geopolitical issues will push prices up, and says drivers will face higher prices this summer. “I don’t think we’re going to see price breaks until alternative energy becomes a major component of our supply,” said DeVito.