U.S. Energy Secretary Sam Bodman said on Monday in a speech in Washington to the Energy Information Agency (EIA) that gas prices could reach $3.50 a gallon this summer. He said, however, that he is “optimistic” that OPEC will boost supplies to tame soaring prices. “I'm concerned that we could hit $3.50” per gallon, Bodman said. “I would like to think that we're not going to get to $4 (a gallon) but I don't make forecasts.” Bodman also said the Energy Department could move forward this summer with a plan to purchase $584 million worth of crude for the reserve to help replace 11 million barrels of oil sold to refiners after the 2005 hurricanes.
