LOS ANGELES — U.S. Energy Secretary Samuel Bodman said Sunday that prices paid at the pump for gasoline could stay high for two or three years, in an interview on NBC’s ‘Meet the Press.’ ‘Suppliers have lost control of the market,’ Bodman told NBC’s Tim Russert, when asked what the reason for the latest spike in U.S. gas prices. ‘Therefore demand exceeds supply.’ And this has happened, he said, because ‘suppliers are unable to make the kind of demands to make the flows equal to the demands. We’ve got demands coming from China, India the U.S…. all of this is good because economies are growing…but demand is also causing the kind of price spikes we’ve had.’ A second major factor for higher gasoline prices is the seasonal shift from winter to summer gasoline grades, which has resulted in some ‘dislocations’ that have caused some prices spikes, he said. ‘All of that is adding to the situation we now have. I expect the latter to settle down over a month or two, but clearly, we’re going to have a number of years, 2 or 3 years, before suppliers are in a position to meet demands of those who […]

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