Lawmakers seeking answers as fuel prices hit new highs

By: Associated Press
By: Associated Press

CAPITOL HILL (AP) -- 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 today.

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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