Senate to Hold Gas Prices Hearing

The Senate Energy Committee announced today that it will hold a hearing next month to determine reasons for the high cost of U.S. gasoline. Average retail gasoline prices hit a record $2.55 a gallon this week, according to government data.

"Today's gasoline prices are taking a severe toll on Americans' pocketbooks," said Republican Sen. Pete Domenici of New Mexico, energy panel chairman. "Consumers are anxious."

The September 8 hearing will focus on global oil demand, refinery capacity constraints and the impact of futures market speculation on energy prices, Domenici said in a statement.

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