Bad news for drivers: gas prices this summer are expected to be more than 10% higher than last summer and may exceed $3 per gal. in some parts of the U.S., the Energy Department estimates. Here's a look at why:
What's fueling the price rise? Growing global demand and investors spooked by political tensions in the Middle East have pushed crude-oil prices up. Gasoline production in the U.S. is down 9% compared with 2005, as hurricane-damaged refineries struggle to return to full production. Finally, changes in energy laws are prompting fuel suppliers to use corn-based ethanol as an additive to help...
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