Friday, retail gasoline prices and crude oil futures set new records -- again. According to Automobile Association of America (AAA) and the Oil Price Information Service, the new average price of gas on Friday was $3.445 a gallon, up 2.7 cents. Diesel fuel added 2.2 cents to a record national average of $4.168 a gallon. Crude oil futures rose to $117 a barrel.
Oil prices rose on news that a militant group in Nigeria announced it had sabotaged a major oil pipeline and promised further attacks on the country's petroleum industry. Nigeria is a major supplier of oil to the U.S.
Showing that he is in touch with the needs of the average American, presumptive Republican presidential nominee John McCain has introduced legislation in the Senate to federal gas tax for the summer. The federal taxes amount to 18.4 cents per gallon for the unleaded most people use, and 24.4 cents per gallon for diesel, on which the nation's trucking industry runs. McCain would use the general fund to make up the shortfall in tax collections, which are used for road repairs and construction.
McCain has even invited fellow senators Clinton and Obama to join him in supporting the measure. The measure is being co-sponsored by Joe Lieberman, the former Democratic vice presidential nominee and former Democrat. And to think at this time last year, everyone had written McCain's political obituary.
Of course, the Democrats do control both houses of Congress, and could block the measure, but do they really want to play the heavy?
Brilliant politics.
But the chances of seeing any real relief at the pumps seem to be slim. If it's not militants disrupting the flow of oil, it's refineries cutting back production because they are not making much money on gasoline.
Could we get a break here?

