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While Fuel Costs Can Rise during the Summer, It's Still Cheaper to Fill up Your Tank than It Was a Few Years Ago


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Statement from Dean Foreman--API's chief economist--in:
MP3 format
Ogg Vorbis format
QuickTime (MPEG-4/AAC) format
Windows Media Audio 9.2 format
(59 seconds)


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(FOREMAN):
"
WHY ARE PRICES UP AT THE PUMP, LATELY?  THERE ARE THREE MAIN REASONS--SO LET'S BREAK THEM DOWN:  FIRST, THE PRICE OF CRUDE OIL HAS GONE UP; CRUDE OIL IS THE MAIN INGREDIENT IN GASOLINE, AND THE FUELS THAT TAKE YOU PLACES.  SECOND, THE 'INTERNATIONAL ENERGY AGENCY' ATTRIBUTES THE HIGHER PUMP-PRICES TO RISING GLOBAL-DEMAND, DURING THE SUMMER-TRAVEL SEASON--AND [TO] PRODUCTION-UNCERTAINTY, FOLLOWING EVENTS IN VENEZUELA, IRAN, AND OTHER UNSTABLE-REGIONS.  THIRD, LOCAL-, STATE-, AND FEDERAL-GOVERNMENT TAXES ACCOUNT FOR AN AVERAGE OF 52 CENTS, PER GALLON--AND AS MUCH AS 77 CENTS, PER GALLON, IN SOME STATES.  THE GOOD NEWS IS THAT FILLING UP YOUR TANK IS STILL CHEAPER THAN IT WAS, FOUR YEARS AGO.  AND, AMERICA'S 'ENERGY RENAISSANCE' HAS HELPED CUSHION PRICE-FLUCTUATIONS FOR CONSUMERS.  IN FACT, THE GROWTH OF U-S NATURAL-GAS AND OIL HAS BEEN THE SINGLE-GREATEST FACTOR, IN LOWERING PRICES AND CUSHIONING THE MARKET--BOTH AT HOME AND ABROAD.  POLICIES THAT ENABLE MORE U-S-MADE NATURAL-GAS AND OIL--AND THE INFRASTRUCTURE TO DELIVER IT--WILL HELP PROVIDE THE RELIABLE FUELS THAT AMERICANS NEED, TO GET TO WORK, TAKE THEIR KIDS TO CAMP, AND GO ON THAT SUMMER ROAD-TRIP."



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