The Energy Department said on Wednesday that the dramatic increase in the cost of oil on world markets will cost Americans over $700 more this year. According to a Reuters story, the department’s Energy Information Administration said:
The average U.S. household will spend about $700 more for gasoline in 2011 than it spent last year, bringing total motor fuel expenses up 28 percent to $3,235, based on an annual pump price of $3.61 a gallon.
The department said that it expects the average retail cost to rise again, and to hit $3.71 during the peak driving season as the public takes to the road this summer, almost a dollar more than last year’s summer price. The rapidly increasing cost of fuel has spurred action in the House of Representatives, where Speaker John Boehner announced an “American Energy Initiative” at a news conference this afternoon (see story). Boehner said he plans to quickly move legislation through the House that would “encourage more oil-and-gas exploration.”
Continue reading on Examiner.com: Higher gas prices will cost Americans $700 more this year - San Francisco Conservative | Examiner.com http://www.examiner.com/conservative-in-san-francisco/higher-gas-prices-will-cost-americans-700-more-this-year#ixzz1GJfHV6rP
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