Obama can take credit for raising the price of gas. From Fox News
Senators from both sides of the aisle are warning that looming EPA regulations on gasoline could impose billions of dollars in additional costs on the industry and end up adding up to 25 cents to every gallon of gas.
The senators, in a letter this week to EPA Administrator Lisa Jackson, urged the agency to back off the yet-to-be-released regulations. Though the EPA has not yet issued any proposal, they claimed the agency is planning to call for a new requirement to reduce the sulfur content in gasoline.
Citing the nearly $3.40-a-gallon average price of gas and the state of the economy, the senators said "now is not the time for new regulations that will raise the price of fuel even further."
They said it would be "expensive" for companies to meet the sulfur targets and cited a study that found it could add up to $17 billion in industry-wide, up-front expenses, in addition to another $13 billion in annual operating costs.
This could in turn add between 12 and 25 cents to an average gallon of gasoline "depending on the stringency of the proposed rule," they wrote. . . .
Labels: EPA, Regulation