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OIL AND GAS
House passes measure they say would lower gasoline prices
by Daniel J. Graeber
Washington (UPI) Jun 27, 2013


EIA: U.S. gasoline prices 13 cents higher year-on-year
Washington (UPI) Jun 26, 2013 - The average U.S. price for a gallon of regular unleaded gasoline as of Monday was 13 cents higher than last year, the U.S. Energy Department said.

The Energy Information Administration, which reviews statistical data for the Energy Department, said the average retail price for a gallon of regular unleaded gasoline was $3.70 as of Monday.

U.S. motor club AAA said in a Monday report the national average so far for June is the highest for the season in six years. It said violence in Iraq is contributing to an increase in global crude oil prices, which in turn makes it more expensive to produce gasoline.

AAA said it had expected gas prices for June to fall within the $3.50 range for a national average. That now appears unlikely, it said.

EIA said Wednesday retail gasoline prices have increased in all regions across the country. Midwest prices had leveled out at around $3.69 per gallon, though AAA reports state averages in the region are on the rise.

Gasoline prices near the Gulf Coast and in the Rocky Mountain region have increased the most, while gasoline prices for West Coast commuters have increased by only a penny.

AAA reports a national average price Thursday of $3.68 for a gallon of regular unleaded, up about 1 cent from the same time last week.

The House of Representatives passed a measure it says would help lower gasoline prices by expanding access to domestic energy resources.

H.R. 4899, the so-called Lowering Gasoline Prices to Fuel an America that Works Act, passed through the House in a 229-185 vote Thursday, largely along party lines.

The bill's supporters said it would help U.S. consumers and small businesses who are feeling the impact of higher than usual gasoline prices.

"The passage of this bipartisan common sense plan is a bold step forward to unlocking America's energy resources that will create over 1 million new American jobs ... and help ease the pain at the pump for every American," House Natural Resources Committee Chairman Doc Hastings, R-Wash., said in a statement.

Rep. Peter DeFazio, D-Ore., ranking member of the committee, dubbed H.R. 4899 the "drill everywhere" bill. He said it's the same as similar efforts that do more for oil companies than the American consumer.

"Once again, Republicans wasted time with legislation that will go nowhere in the Senate," he said.

Gasoline prices are higher than usual in part because of turmoil in the Middle East.

The House measure was introduced last week after Sens. Bob Corker, R-Tenn., and Chris Murphy, D-Conn., unveiled a bill to raise the federal gasoline tax, which has remained static since 1993.

Gasoline is taxed at 18.4 cents per gallon, and diesel is taxed at 24.4 cents per gallon. The Senate proposal would increase both rates by six cents in each of two years for a total of 12 cents on the gallon.

Their measure aims to generate revenue for the federal highway system.

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