Posted: Mar 7, 2012 11:28 AM
Source: Associated Press
WASHINGTON- Congressional Republicans and Democrats are again battling over rising gas prices.
At a hearing Wednesday, Republicans and oil industry leaders called for more U.S. production, while Democrats focused on conservation and the role of Wall Street speculators.
Jack Gerard, CEO of the American Petroleum Institute, told a House energy panel the nation has vast energy resources that aren't being fully tapped. He said the Obama administration says it is for more oil and gas production, but has rejected the proposed Keystone XL pipeline from Canada.
Democrats said oil production is up since President Barack Obama took office. They blamed the recent spike in gas prices on Middle East tensions and speculation by Wall Street investors. Gas prices have jumped 48 cents since January to an average $3.76 per gallon.