Updated from 12:02 p.m. ESTOil prices skidded Friday as traders took profits after a three-day climb and concerns eased over inventory levels. Light, sweet crude lost 52 cents to close at $66.63 per barrel, retreating from a two-month high of $67.15 on Thursday. May crude rose 4% this week on a mix of low gasoline supplies, supply problems in Nigeria and an ongoing dispute with Iran over nuclear development. Unleaded gasoline was off 3 cents at $1.88 a gallon by the end of trading, down from the five-month high of $1.99 it touched on Thursday. The expiration of the April contract at the end of trading today was contributing to some of the selloff. Still, traders expect that the drop is temporary and that wholesale gasoline prices will hit new highs this summer. "Between the MTBE situation, implied demand and the hurricane season approaching, gasoline will likely go up to $2.30 wholesale," said Guy Gleichmann, president of United Strategic Investors Group, a commodity brokerage in Hollywood, Fla. In energy markets, there has been concern that gasoline on hand won't be enough to meet peak summer driving demand, because refiners have shut many of their units for seasonal maintenance and for new fuel requirements. Refineries are rushing to phase out methyl tertiary butyl ether, a gasoline additive that may cause water pollution, by the end of May. Refiners will then have to make reformulated gasoline that can be blended with ethanol. Inventories of gasoline stood at 216.2 million barrels as of last week, down 5.4 million barrels from the week before. The decline was the deepest since Aug. 2003, but supplies still remain slightly above last year's. Gasoline supplies were expected to rebound when BP's ( BP) Texas City, Texas, refinery, which processes 460,000 barrels of crude per day, came back on line today, but its restart has been delayed until mid-April, Dow Jones reported. The refinery, the site of one of the deadliest accidents in a decade, was closed before Hurricane Rita made landfall last year. Since then, BP has been reviewing safety procedures at the plant.