Latest News from News 3

Las Vegas News | Weather | Sports | Traffic - MyNews3

Senate holds hearing increased domestic oil production

Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Updated: 7/16/2013 3:43 pm
(NBC News) Across the country gas prices rose again overnight Monday by an average of two cents.

At $3.64, the price is up 15 cents in a week.

The higher prices are here despite soaring U.S. domestic oil production.

American oil is being pulled from the ground at record rates in states like North Dakota, but you'd never know it at gas stations.

That has Senators upset.

"The lower crude oil cost from the new sources of production are not getting through, not getting through to the consumers' wallet at the pump!" Oregon's Senator Ron Wyden noted during Monday's hearing.

Oil companies say one reason is corn.

The government requiring 10% renewable fuel, ethanol made from grain, in every gallon of gas, and the cost of corn and the like is rising.

The also say the tornados in May disrupted oil refining, unrest in Egypt could slow oil shipments, and U.S. refineries are selling more overseas.

That means as American families hit the road for vacation, gasoline costs 24 cents more per gallon than it did last July, and the Department of Energy predicts another 15 cent per gallon rise is possible soon.

-- Steve Handelsman, NBC News, reports




All content © Copyright 2015 Sinclair Broadcast Group. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service
You may also view our Sitemap.

FCC assistance for any person with disabilities can be provided by contacting us at

KSNV Profile & Public Inspection Files

2015 NBCUniversal Media, LLC. All rights reserved. Portions by Broadcast Interactive Media

Inergize Digital This site is hosted and managed by Inergize Digital.
Mobile advertising for this site is available on Local Ad Buy.