Gas Prices Up, Up, Up

You may have heard this story before, and you'll probably hear again -- gas prices are going up.

The government's energy information administration is planning on adjusting its forecast upward.

Right now the national average of $1.72 a gallon of gasoline is above the current forecast of $1.69. It’s also just three cents shy of the all-time record, hit last September. The updated forecast should be out next week.

The agency says global oil supplies are tight and with the economy recovering, demand is on the rise. These factors make the gasoline market vulnerable to disruptions and the price hikes that follow.

Energy Secretary Spencer Abraham says the Bush Administration is extremely concerned about the situation. He said he's worried prices could reach new record highs.

Abraham reiterated Congress should pass the energy bill now stalled in the US Senate.


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