Bodman warns of record US gasoline prices to come

Crude oil prices were down on the session and over the week despite worries about supply during the summer driving season in the United States. US Energy Secretary Sam Bodman warned that gasoline prices are likely to reach record territory over the summer as gasoline stockpiles have dropped significantly and consistently over the past three months and refineries might not be able to keep up with demand.

Still, June contracts for Brent crude on the Intercontinental Exchange in London dropped 10 cents to $65.95 per barrel on Friday, a 3.6 percent decline over the week. West Texas Intermediate crude for June delivery dropped 52 cents during the day to $62.67 per barrel on the New York Mercantile Exchange for a decline of 5.8 percent this week.

In addition, Nymex May/June RBOB gasoline was 0.9 percent lower during the week to $2.2391 per gallon despite declining inventories.