Gasoline Prices Hit Records in U.S., 17 States; Congress Prepares to Question Oil...

Gasoline Prices Hit Records in U.S., 17 States; Congress Prepares to Question
Oil Execs

Group Calls for Passage of Stalled Renewable Energy Bill, Oversight of Trading
Markets

SANTA MONICA, Calif., March 31 /PRNewswire-USNewswire/ -- Gasoline pumps
prices rose to yet another record today and over the weekend, both nationally
and in at least 17 states (chart below). This unprecedented rise so early in
the year signals more energy inflation and deeper consumer pain later in the
spring, said Consumer Watchdog (formerly the Foundation for Taxpayer and
Consumer Rights).

"Even the big oil states of Louisiana and Texas, both rich in refineries, hit
new price records today," said Judy Dugan, research director of the nonprofit,
nonpartisan Consumer Watchdog and its OilWatchdog.org project. "Oil companies
that have made record profits on oil at over $100 a barrel are now cutting
gasoline output at the refinery level to push up their profits on the making
of gasoline."

See chart of state records below or at
http://www.consumerwatchdog.org/resources/GasPricesRecords.pdf .

The new round of record prices comes as gasoline consumption is declining
nationally from last year, according to federal energy data, and is expected
to fall further. California, where gasoline consumption has been down for the
last seven quarters according to the state tax board, was particularly
hard-hit at $3.638 per gallon for regular. Nationally, pump prices are 61.4
cents above last year, when price records were not reached until May.

"In a competitive market, declining consumption would push prices down, but
the oil industry operates by its own rules, kept in place by a powerful
Washington lobby," said Dugan. "Instead, the economy is locked in a struggle
between energy-caused inflation and recession, while oil companies are
expected to announce another round of record or near-record profits in a few
weeks."

Congress has the opportunity to start bringing prices under control, but bills
that would be helpful in cutting both oil and gasoline prices (see below) are
stuck in a political mire, said Consumer Watchdog. The House Select Committee
on Energy Independence and Global Warming, chaired by Rep. Edward Markey of
Massachusetts, is set to question oil company executives about their prices
and profits in a hearing Tuesday. (See more on the committee at
http://globalwarming.house.gov/home

Consumer Watchdog has called for:

-- Swift action to close the Enron Loophole in commodity trading regulation. A
regulatory measure in the federal farm bill (S.2058 by Sens. Dianne Feinstein
and Carl Levin) would help stop speculative oil pricing. This measure is stuck
in a fight over other subsidies in the House-Senate conference committee. (See
more on Enron Loophole and farm bill amendment at
http://www.oilwatchdog.org/articles/?storyId=18735 )

-- Senate approval of an alternative fuels bill funded by withdrawing $1.8
billion a year in unjustified taxpayer subsidies to oil companies. This
measure, passed by the House, has not been taken up in the Senate, where
opponents are using a filibuster tactic to require 60 votes for passage. A
similar House measure was removed from the federal energy bill by the Senate
last year under pressure from the oil lobby. (Find text of HR 5351 at
http://thomas.loc.gov/

Price Records, Regular Gasoline, 3/29 to 3/31/08

State, Price per gallon
Alaska $3.507 (3/29)
Alabama $3.214
Arizona $3.250 (3/29)
Arkansas $3.188
California $3.638
Connecticut $3.369(3/29)
Florida $3.339
Idaho $3.302(3/29)
Louisiana $3.215
Mississippi $3.188
North Carolina $3.264(3/30)
Nevada $3.408(3/30)
New York $3.403(3/30)
Pennsylvania $3.287(3/30)
Texas $3.208
Virginia $3.220
Vermont $3.256
Source: AAA fuel gauge

Consumer Watchdog is a non-profit, non-partisan organization.

SOURCE Consumer Watchdog

Judy Dugan of Consumer Watchdog, +1-310-392-0522, ext. 305, Cell: +1-213
280-0175