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Oil costs, demand push gas prices up, House panel told

05/21/2007
High crude costs remain the single biggest force behind rising gasoline prices, said John C. Felmy, American Petroleum Institute chief economist, on May 9. But the current increase also reflects record US demand for gasoline during the first quarter, he told a US House special committee.“In addition, the annual switchover to ‘summer blend’ required by [the US Environmental Protection Agency] has occurred and this warm-weather gasoline is more expensive to produce,” Felmy told the House Select Committee on Energy Independence and Global Warming. “The switchover requires a large supply drawdown to meet regulations.”His testimony came a day after the Senat...
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