Gas Prices Rocket Upwards - WAOW - Newsline 9, Wausau News, Weather, Sports

Gas Prices Rocket Upwards

You can't avoid it, if you've driven around at all today you probably noticed that gas prices are nearing that $4 mark. Here in Wausau we're seeing prices as high as $3.94 for a gallon of unleaded. Triple A reports that the national average is about $3.81 that's $.60 a gallon more expensive than a year ago. Premium will set you back an average of nearly $4.19 a gallon, up $.65 from a year ago. Analysts blame the run up in crude prices in part on the sliding U.S. dollar. On Capitol Hill, the Senate Judiciary Committee held a hearing to get to the bottom of what's causing the spikes in oil and gas prices. Senators are grilling oil company executives. Wisconsin Senator Herb Kohl who sits on the committee is calling their rising profits unfair. "Your industry has no problem in doubling your profits, tripling your profits. Even when prices at the pump go crazy you have no problem in keeping up with your increasing profits," Kohl lectured. "It doesn't seem fair, guys. It just doesn't seem fair." Executives from 5 major oil companies defended their earnings saying global forces are driving the high prices and they are not to blame. The oil companies earned $36 billion in the first three months of this year.
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