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Gas prices to top $4?
Gasoline prices will get even higher and there’s little the US government can do about it, admitted officials of the Bush administration.
“This is a very large problem,” Energy Secretary Samuel W. Bodman told Fox News. “It’s built up over many years — decades in fact. It’s not going to be solved in the short run by some magic bullet.”
Polls show fuel prices are the No. 1 concern of most Americans. Tourism officials are also concerned about rising gas price’s influence on tourism.
Some gas experts are predicting $4 a gallon prices by this summer.
One major reason for the upswing is that “suppliers have lost control of the market,” Mr Bodman said.
The Bush administration’s plan is to reduce the flow of oil into the national strategic reserve, ease regulations on fuel ingredients and encourage the production of hybrid vehicles.
That effort will have a “relatively modest” effect on prices in the short term, officials admitted.
“We need to deal with the long-term problems of technologies that may get us out of this trip,” Secretary of State Condoleeza Rice said on television news.
Report by David Wilkening
David
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