Gas Prices Hit New Record High

By: Heather Haley Email
By: Heather Haley Email

It will cost you nearly three dollars per gallon for gas right now and we haven't even made it to the typically high priced summer driving season. Lawmakers and drivers are looking for answers and ways to save.

Many lawmakers want to know why we have to pay so much at the pump and they're grilling energy officials and experts about gas and oil prices as they rise above three dollars a gallon.

The high price at the pump may not be driving you away, but some consumers behind a nationwide gas boycott Tuesday are asking you to at least consider it., For the third straight year, regular unleaded gas has gone above three dollars a gallon.

"You're paying that extra gas that it takes to get to work and you're not coming out in the long run," said Billy Adams.

The government says the average price for a gas is $3.10 a gallon, four cents higher than the previous record which was set after Hurricane Katrina.

Gas prices have risen more than 93 cents a gallon since hitting their low point this year in January.

"I think its ridiculous. I think that the government could do a lot more to keep gas prices down, but oil companies are making so much money that I think its gouging really," said A.J. Spare.

With the Memorial Day holiday just a couple of weeks away and gas prices already higher than ever, lawmakers are looking for an explanation.

"This is the third summer in a row that we are having this discussion about why prices are at record levels," said New Mexico Senator Jeff Bingaman.

"Gas inventories which typically build slightly in April sharply declined last month, because of refinery outages," said Guy Caruso with the Energy Information Administration.

Critics say blaming the high prices on refinery operations is nothing more than an excuse and now they want the facts from profiting oil companies.

"Its always going to be this way, I mean if they've gotten away with it this far," Adams said.

So whether you choose to cut back on gas or just shop around for the best price, analysts say gas prices will get higher this summer.


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