May 15, 2007 6:37 am US/Eastern Gas Could Reach $4 In Tri-State By Memorial Day
President Bush Announces New Alternative Fuel Plan
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(CBS) NEW YORK Just in time for the summer, gas prices have hit an all-time high. Now, President Bush has announced an aggressive new approach to cut gasoline consumption and greenhouse gas emissions.
So what does that mean for the big getaway season?
The average price of a gallon of gas in the tri-state area is $3.22, almost the same as it was one year ago. However, prices have gone up a quarter in the last month with really no explanation.
Here we go again.
The gasoline-fueled roller coaster is on its way up again. Prices are already creeping toward $4 a gallon in California and could approach the four-buck mark here in the tri-state by Memorial Day.
"When you couple low inventories with high demand and refineries not able to keep up with demand, you see a scarcity in a commodity and higher prices," said Robert Sinclair of the AAA.
Some of it is seasonal. More drivers hit the roads for summer vacations -- and fears of another rough hurricane season have cranked up the pressure on an already-volatile oil market.
Gas prices were on the decline much of the last year, but then came the hostage crisis in Iran, concerns over Iraq's oil production, and instability in virtually every foreign oil-producing nation.
All of this has the president who once owned an oil company talking about alternative fuels and conservation.
"Today I'm directing the EPA and the Department of Transportation, Energy and Agriculture to take the first steps toward regulation that would cut gas consumption and greenhouse gas emissions for motor vehicles," President Bush said.
This is exactly the scenario some environmentalists have been forecasting for decades -- the price of gas reaches a magic number that makes alternative fuels and more efficient vehicles more attractive.
"I think it's ridiculous that we have to pay these prices," said motorist Cynthia Lightburn. "Every time you turn around it's going up and up, and I don't think that's right."
The president really didn't have a choice in making his Rose Garden speech on Monday. That's because the Supreme Court actually ruled that the EPA had failed to regulation those greenhouse gases that cause global warming. Now there seems to be not only an economic shift, but also a political one.
You can be sure this going to be a big issue heading into the 2008 presidential race.
Source: http://wcbstv.com/topstories/local_story_134172504.html
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