Fuel prices crisis

U.S. retail gasoline prices hit a record high for the second week in a row and matched the inflation-adjusted peak reached in the early 1980s during the Iran-Iraq war, the government said on Monday, as concern about low motor fuel supplies pushed up pump costs.
The average price for regular unleaded gasoline soared 11.5 cents over the last week to a fresh record of $3.22 a gallon, according to the federal Energy Information Administration's nationwide survey of 800 service stations.
The much larger Lundberg industry survey of 7,000 stations showed the national price of gasoline jumped 11.4 cents over the last two weeks to a record $3.18 a gallon.
The latest EIA pump price also equals the all-time high fuel cost of $3.22 a gallon, when adjusted for inflation, reached in March 1981 after war erupted between Iran and Iraq.
Gasoline prices have skyrocketed $1.05 a gallon since the beginning of February and are up 33 cents from a year ago.
With several large refineries down this spring for maintenance or shut by problems, gasoline production has been reduced, cutting into available supplies.
However, the high pump prices are attracting gasoline imports, which recently hit the fifth highest weekly level ever at 1.5 million barrels a day.
Many U.S. consumers, especially low-income families, are struggling to pay their bills given record gasoline costs. Lawmakers blamed oil companies for their financial woes.
Oil companies told lawmakers at a May 16 hearing that higher prices reflect market conditions and the contention that companies are manipulating the market is not credible.