Oil prices hit a record high of $72.49 Thursday, settling at a record high for the third straight day after a government report showed shrinking U.S. gasoline supplies and traders focused on nuclear tensions between Iran and the international community.
The price increase is raising worries that refiners don't have an adequate inventory cushion ahead of the peak summer driving season. According to the government's top energy forecasting agency, the price U.S. drivers will pay for regular unleaded gasoline could hit a national average of $3 a gallon this year. Read more.
Are you concerned about higher gasoline prices? Will your summer travel plans change?
E-mail us at email@example.com and let us know what YOU think!
Check out what FOX Fans are saying:
"Last time I read the news, our military occupied the country with the 2nd largest known oil reserves. The same country has one of the top 10 active world oil production capabilities, and yet our government reports we have shrinking gas supplies in this country." — Fred
"The Republicans will be blamed for high oil (gas) prices and the Democrats will win the House, which is bad news for President Bush." — Carey
"I certainly will change my travel plans. I will stay home! I also will stop buying gas at Texaco and Amoco. We are car-pooling to save gas expense at work. There is no reason for these high prices. This always happens during the summer when people are making travel plans. These gas companies should be held responsible for price gouging! Record earnings last year. Our congress should look into this to protect Americans." — John (Bettendorf, IA)
"It's times like these that I really wish I jumped on the Hybrid bandwagon when I bought my car." — Staci (St. Louis, MO)
"As a retired couple, we used to travel, but will not be leaving home except for planned trips to the doctor and grocery store this summer. We are very disappointed in how the economy is going." — Jeri
"There's no question about it now that there is a conspiracy amongst all the oil companies. It is evident that there is no difference in price of gasoline from service station to station. It's sad to see America terrorized by big business." — Bill
"If the administration is concerned about their ratings, they'd better get busy doing something about the high cost of gasoline." — Charles
"We live in an area where there is no complete public transportation system. We must use vehicles to get to work, church, shopping, etc. The oil companies are enjoying record profits, yet we working Americans have to adjust everything just to survive. I will not be able to do any long distance driving this summer." — Larry (Solvang, CA)
"This country is getting what it deserves. America is a bloated, greedy, obese nation that will choke on its own addiction to oil. It is far too late to worry. Nothing will change. The world will be a very, very difference place in about 30 to 50 years." — Kate (New York, NY)
"Sure the BIG OIL COMPANIES are gouging us. Why? Because they know they can get away with it!! Why? This administration is doing nothing to guard the average American with moderate income from the GIANT plutocratic, multinational cartels. And I'm a lifelong Republican." — John (Columbus, OH)
"It is always a concern when prices are skyrocketing. No one plans for such rises of costs. Gasoline affects the consumer especially. Lets not forget that it is the consumer that pays the bills. When you crunch him you crunch the market, period. One cannot help that this is politically driven. November is coming. Also on the horizon are the rumors that oil prices will collapse. What our leaders intend to do with how much will be allowed to be refined will tell the tale of what leader will have my lever in the polling both and what a leader intends to do with illegal immigrants, Iran threat, tax cuts made permanent, and limited government. As far as my vacation, I'm still going fishing in the Adirondacks." — Peter (Florida)
"Yes, I am concerned about gas prices. Yes my summer plans will probably change. I do believe that a lot of peoples plans will change, and the demand will come down so the prices will come down. I hope the oil company fat cats are making their money now because I think people will stop buying SUVs and stop traveling so much that the oil companies will start to suffer eventually. What is killing us is the SUVs, and the big engine cars. If everyone drove four-cylinder vehicles there would not be the demand for fuel that there is now, and the oil companies would have to lower prices." — L.C. (Los Angeles, CA)