Lawmakers battle rising gas prices
TRAVERSE CITY -- The pain at the pump hurts worse than ever in Michigan and across the country. While there is no law right now that allows the federal government to regulate the price of gas, Senator Debbie Stabenow says there is something Washington can do.
Senator Debbie Stabenow says, "Right now we have a situation where oil companies are using every means they can to keep oil prices high. We got to have real competition so consumers have other choices."
Senator Stabenow is part of a group of lawmakers that are working to take away billions of dollars in tax breaks oil companies receive each year. They want to use that money toward funding the competition, alternative energy.
Senator Stabenow says, “The federal government can't decide the prices, but we can take away subsidies, and crack down on speculation."
Analysts for GasBuddy.com say oil refineries, especially in the Midwest, have been reporting refinery problems. Those problems lead to less gasoline production.
Patrick DeHann, GasBuddy.com analyst says, "If there is something our politicians could do they need to get refineries to produce more gasoline for whatever reason they've been slow this year."
As for when prices will drop, DeHaan says think June.
"I would expect most of the summer we'll see prices $3.50 or $4.00 but I believe at $4.29 we are seeing prices at the highest they'll get."
