Congress takes on gasoline prices

House Judiciary Committee hearing testimony on impact of record at the pump.

NEW YORK (CNNMoney.com) — Gas prices are expected to keep up their record rise this spring, soaring well past $4 a gallon in some areas. Now Congress wants to know what to do about it.

In an effort to better understand the nation’s fuel crisis, House leaders heard testimony from truckers, consumer advocates and energy industry analysts Wednesday.


The hearing was held by the House Judiciary Committee’s Task Force on Competition Policy and Antitrust Laws. It was delayed more than an hour due to prolonged votes on the House floor, according to a Judiciary Committee spokesman.

Gas prices have risen more than 18% so far this year. Retail gasoline hit a record $3.62 a gallon on average nationwide on May 1, according to AAA, the auto group.

“This is not just any industry we’re talking about, it’s the key component of a modern industrial society,” said Rep. John Conyers, D-Mich. “Oil impacts every aspect of our economic life.”

CNN