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Oil And Gas Prices Hit New High…Again
Crude oil gushed into record territory again Wednesday in Asian trading as fuel prices continued their climb into record territory and lawmakers are seeking answers to why the cost of fuel is so high.
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45 Comments 
(May 21, 2008)—Drivers are likely to see another increase at the pump this week as crude prices topped $130 a barrel Wednesday.
Analysts say persistent supply concerns and a weaker dollar continue to push crude futures.
The July contract for light, sweet crude rose as high as $130.30 in electronic trade on the New York Mercantile Exchange by late afternoon in Singapore.
Oil futures are now selling for about double what they were just a year ago.
As fuel prices continue their climb into record territory, members of Congress are seeking answers.
A Senate panel will hear from oil and gas company executives Wednesday.
The auto club puts the national average of a gallon of regular gas at just under $3.81, 60 cents a gallon more expensive than a year ago.
Premium will set drivers back an average of nearly $4.19 a gallon, up 65 cents from a year ago.
Some senators are asking President Bush to set up a Justice Department investigation of possible fraud and manipulation in oil and gasoline markets.
Analysts blame the run up in crude prices in part on the sliding U.S. dollar and on word from OPEC that it's not going to boost production before its next meeting, not scheduled until September.
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Latest Comments
As for contacting our politicians, which if any have made any attempt to help their constituents? Surely they can see the problem and shouldn't have to have every one calling them to let them know. Yet they still haven't done anything about it! The question is, what can they do? Everyone seems to be very good at identifying the problem, but no one seems to have a solution. Seems to me that contacting your politician is a waste of time. As for electing public officials that can make a change, I haven't heard ONE solution from any of them that are running for office. Again, they are very good at "saying" gas prices are too high and that they will work for change, but have ANY of them mentioned a solution? What is the solution? No one seems to know, and the government doesn't seem to be the answer. I think the economy is going to end up making the solution on its own...people on unemployment/welfare because they can't afford to drive to work, people finally selling SUVs, etc.
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I have been thinking along the same lines as 17 yr. old Ashleigh...how are people working on minimum wage ($5.85/hr.) able to afford to pay $4/gal. to drive to work? They would have to work more than one and a third days to fill up (for example) a 16 gallon tank! If they have kids and daycare costs, it's flat-out unfeasible to work. It won't be long before the unemployment and welfare lines are going to be overwhelmed. I'm also with David, bankruptcy lawyers need to get ready for some high demand!
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Im 17 and i think that the wage im on and the amount petrol is, its crap how is it meant to compensate, it is getting beyond a joke soon everyone will be walking everywhere and they wont get any money then there will be another problem and they will try and do something else for money. They put petrol groceries etc up but the normal wage stays the same, i think its ridiculous
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