Summer gas prices are going to be high
May 31st, 2011 - 12:01 am ICT by Aishwarya BhattNew York, May 30 (THAINDIAN NEWS) According to an analysis carried out by the office of US Senator Maria Cantwell, drivers in Washington state should expect to pay $672 million for gas this summer when it is compared to last year’s values.
The price of gas has stayed higher with Cantwell blaming the trend on speculators. She advises against cutting trips in order to save money because she says it will have negative effect on the economy. She analyzed that fewer trips will mean drivers and commuters will not be moving around which will affect food sale and hotel accommodation rents in the state.
Cantwell proposes that the U.S. Commodity Futures Trading Commission should start taking action against speculators who push the prices of oil up. She compared the practices of the speculators to the one that helped push the energy process in the Northwest due to Enron’s market values.
In last year’s Memorial Day, Americans on the average spent an amount which is 93 cents less than what is expected to be spent on prices this year, Cantwell’s research showed. The analysis said drivers on the average will spend at least $150 more within the period between Memorial Day and Labor Day.
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