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Congress Wants Gas Price Answers Save Email Print
CAPITOL HILL (AP)
Posted: 11:14 AM May 21, 2008
Last Updated: 4:03 PM May 22, 2008

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As fuel prices continue their climb into record territory, members of Congress want some 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. That's 60 cents a gallon more expensive than a year ago.

Premium will set you back an average of nearly $4.19 a gallon, up 65 cents from a year ago.

The price of crude has also soared to a new high, eclipsing $130 a barrel in Asia.

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. That's not scheduled until September.

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Posted by: Frank Location: Harrisonburg on May 21, 2008 at 12:44 PM
With the profits the oil companys post, the answer is obvious. What is there to investigate?