CAPITOL HILL – With the average price of a gallon of regular gas approaching $4, Congress is planning more hearings next week to discuss the problem.
The Senate judiciary committee is summoning top oil company executives and they can expect some tough questioning.
Alaska Senator Lisa Murkowski said people in one small town in her state are already paying $8.65 a gallon.
The Energy Department stopped buying additional oil stockpiles for the nation's strategic petroleum reserves and said it won't buy more for the rest of the year. That move came a day after Congress passed legislation requiring the president to stop the oil purchases.
Some lawmakers believe the 70,000 barrels-a-day that will now end up on the open market will lower gas prices. The White House said it probably won't make a dent and some analysts agree.