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    Record high gas prices

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    When American gas prices hit a record, inflation-adjusted cost of $2.99 per gallon back in 1981, Hollywood released the movie "Gas," a wacky send-up of the gas crisis featuring a news reporter that investigates a story about stolen milk causing a rise in milk and fuel prices. The few memorable scenes from the film include long lines of disgruntled automobile owners at the gas pump, literally stretched for miles just to fill up for another unhappy week of driving.

    While the movie "Gas" is certainly not worthy of repeat viewing, the trend towards higher gas prices has some Americans wondering if such madness at the pump could really happen. Recent news headlines reveal some unusual developments: bus usage is on the rise, Governor Schwarzenegger is urging Californians to conserve gasoline, and many Americans are cutting back on summer travel plans.

    Whatever may be the results of rising gas prices, one can be certain that the causes will be shrouded in shouts of "price gouging," or in wild political speculation. From suggestions of chicanery at OPEC, to cries of global conspiracy at oilfield-services firm Halliburton, creative notions about what moves the price of oil and gas are sure to multiply--especially in an election year.

    (JuLy, 2004)

    According to the article, what are some reasons for rising gas prices and what do you think could be done about it?

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    Solution Preview

    According to the article reveals that the reason for gas prices is price gouging. Other reasons reveal that it may be due to oilfield-services firms jacking up the prices and unfair practices from OPEC. ...