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Morning News

Relief En Route for High Oil Prices?

Aired March 9, 2000 - 10:10 a.m. ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

DARYN KAGAN, CNN ANCHOR: There is a talk in Congress of lifting the excise tax on gasoline in response to high prices.

Yesterday, oil prices dropped on commodity markets. But it may be a while before consumers get any relief at the pumps.

Jonathan Aiken has more on that story.

(BEGIN VIDEOTAPE)

JONATHAN AIKEN, CNN CORRESPONDENT (voice-over): Energy Secretary Bill Richardson told House lawmakers gasoline prices will remain volatile, even if OPEC agrees to higher production levels when it meets later this month.

BILL RICHARDSON, ENERGY SECRETARY: You'll probably see more increases. We predicted in our energy information office that the average price would be about $1.75.

AIKEN: While mindful of the pain consumers are feeling at gas pumps, the White House insists higher prices aren't slowing down the economy.

JOE LOCKHART, WHITE HOUSE PRESS SECRETARY: This spike-up is not, in terms of real cost, as expensive as it might seem. But I think that's little comfort to people who are struggling on a day-to-day basis.

AIKEN: And some analysts agree: Gasoline price hikes are taking a nibble, not a bite, out of people's wallets.

DOUGLAS BOHI, OIL INDUSTRY ANALYST: This dramatic tripling of the price in one year has everybody's attention. But still, the price of oil, the cost of oil and gasoline are a relatively small part of everybody's budget.

AIKEN: And while airlines and transportation firms are paying more for fuel, those costs make up a relatively small percentage of the prices Americans pay for goods and services.

Other analysts say: Look at what Americans are driving, and you'll see if gas prices are hurting them.

ADAM SIEMINSKI, OIL INDUSTRY ANALYST: Consumers are buying big cars and still seem to have enough income, given the strength of the economy, to pay for higher gasoline prices.

AIKEN: Economists say Wednesday's drop in oil prices is a sign that a relief is on the way, as producers jump at the chance to sell more oil in a good market.

Jonathan Aiken, for CNN, Washington.

(END VIDEOTAPE)

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