Just In Time For Memorial Day, Gas Jumps To $4 5-25-2011 - WNEM TV 5

Just In Time For Memorial Day, Gas Jumps To $4 5-25-2011

As much of Mid-Michigan gets ready to hit the roads this Memorial Day weekend, prepare to feel the pain at the pump.
Gas prices are on the rise throughout much of the state.
TV5 spotted regular unleaded going for $3.99 at a Speedway gas station in Bridgeport Township.
But you may want to hurry up and fill up, because there are still some stations with prices at $3.76 a gallon.
Nationally, gas prices are trending down, but a gallon is still close to $4 in most of the US. On Tuesday, lawmakers looked at ways to make them lower. A hearing titled "Pain at the Pump" was held in Washington.
"Over the past three years, our domestic oil and gas production has gone up while our imports have gone down," Deputy Interior Secretary David Hayes told the hearing. "Oil imports in 2008 were 57-percent of the total oil consumed in the United States. Today it's less than 50-percent. Oil production is higher in 2010 than it has been in any year since 2003."
Environmental Protection Agency Administrator Lisa Jackson told lawmakers that increased drilling in the United States won't fix high fuel prices -- but it will help.
"As a matter of geology, America will never control more than a tiny fraction of the world's oil supply," said Jackson. "Therefore America can not prevent gasoline and diesel prices from rising. Still, all else being equal, buying a barrel of American oil is better than buying a barrel of foreign oil."
Jackson says the EPA is reviewing permits for exploratory drilling operations in the Arctic. Republicans and some Democrats accuse the agency of dragging its feet on the issue.
Meanwhile, oil is climbing after the dollar weakened and major investment banks predicted that crude prices will rise later this year.
Crude oil futures prices ended higher on the New York Mercantile Exchange. The near-month contract for the benchmark grade rose $1.73 -- closing at $101.32 a barrel.
Oil also got a boost from Goldman Sachs and J.P. Morgan outlooks that said prices would almost certainly turn around later this year after a 15 percent drop this month.
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