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Morning NewsRelief En Route for High Oil Prices?Aired March 9, 2000 - 10:10 a.m. ETTHIS 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) TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com | ||||||||||||||||||||||||||||||||
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