Oil Industry, GOP Call For More Domestic Gas Production To Curb Prices

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Congressional Republicans and oil industry executives called for more U.S. gas production to counter rising prices that have been recorded across the country, The Associated Press reported.

According to the news outlet, Democrats have focused on conservation and the role of Wall Street speculators in driving up prices. Jack N. Gerard, chief executive officer of the American Petroleum Institute, told a House energy panel that the U.S. has a significant amount of resources that are not being tapped to their full potential.

The AP reported that Gerard noted President Barack Obama, who called for an “all-of-the-above” energy approach, has threatened the oil and gas industry with billions of dollars in tax increases.

“Mr. Chairman, this is sending the wrong message to the global markets. This needs to change,” Gerard told the panel.

The New York Times reported that the current average price for regular-grade gasoline is $3.74 in the U.S., and recent forecasts have outlined how this could rise to $4.50 in places like California. Some analysts have speculated that the price may hit $5 a gallon.

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