Gasoline Price Decline Could Be on Short-Term Horizon

Monday, 4 Jun 2007 | 11:28 AM ET

With oil prices down 33 cents at $64.75 a barrel, one analyst thinks there is a 70% chance that gasoline prices have peaked.

Peter Beutel of Cameron Hanover sees for energy prices sliding soon because "we had a lot of high-name, high-profile refineries come back last week, and I have the feeling that we might see a pretty good number" in this week's Department of Energy report.

Playing the Oil Patch
Discussing whether we can see a retreat in gasoline prices, with Peter Beutel, Cameron Hanover president and CNBC's Becky Quick

Refinery capacity has climbed to 91.1%, edging above the 90% analysts predicted, according to the DOE report.

Beutel is confident that a decrease in gasoline prices to $2.15 could happen "today or tomorrow if we start getting traders to sell this market."


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  • Joe Kernen is co-anchor of "Squawk Box," CNBC's signature morning program.

  • Becky Quick is co-anchor of "Squawk Box," CNBC's signature morning program. She's also a columnist for Fortune.

  • Andrew Ross Sorkin is a co-anchor of "Squawk Box," a financial columnist for "The New York Times" and the editor-at-large of NYT's DealBook.