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You are here: Home / Politics / Govt / Grassley stumped by skyrocketing pump prices

Grassley stumped by skyrocketing pump prices

March 22, 2005 By admin

Gasoline prices have reached another record high, with the statewide average as reported by Triple-A now hitting $2.04 a gallon. Iowa Senator Chuck Grassley says he’s stumped by something in this latest case of skyrocketing pump prices. “We have a larger inventory of gasoline at this point than we did 12 months ago and gas is 40-cents a gallon higher priced. That’s what I don’t understand because I would think the law of supply and demand, with this increased inventory, would bring down the price,” Grassley says. Grassley says the U-S Senate is going to consider legislation that would radically boost the use of corn-based ethanol. The measure would require the use of at least six-BILLION gallons of ethanol a year by the petroleum industry. Grassley says he and several other senators will push for that figure to be eight-billion gallons. About 3.4 billion gallons of the corn-based fuel additive were produced in the U-S last year.

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