Senators Warn Bill Could Spike Gas $1.50 to $5 a Gallon

Over a Barrel

Senators Warn Bill Could Spike Gas $1.50 to $5 a Gallon
 Worried about gas prices hitting $4 a gallon and beyond? Imagine if they were $6, $7 or even $8 a gallon. Those levels are a certain possibility should Congress pass cap-and-trade legislation, which could face a vote in early June

     Oil is trading at record levels, in excess of $120 a barrel. Leading Republican Sens. James Inhofe Okla.) and Jeff Sessions (Ala.) both told the Business & Media Institute (BMI) energy prices would drastically increase if the Lieberman-Warner Climate Security Act (S. 2191) is signed into law.

 

    “The studies show it would be directly affected, would be a $1.50 a gallon, in addition to what it is today,” Inhofe, the ranking Republican on the Senate Environment and Public Works Committee, said to (BMI).Read More