Gas Prices: Supply & Demand

Members of the oil industry say high gasoline prices reflect supply and demand.

Industry representatives provided testimony to that extent today in front of the house energy and commerce committee.

They say they simply aren't able to meet America’s ever increasing appetite for petroleum products.

One industry official asserted the way to curb the retail price of gasoline would be to increase the available supply.

The same official said to do that; legislators would have to relax certain regulations to allow the construction of new refineries and the expansion of existing ones.