FUMING OVER GAS PRICES

POLITICIANS ARE JUMPING TO INTERVENE, BUT HIGH PRICES MAY BE THE RESULT OF INCREASING DEMAND

Pulling into his local Texaco station, Don McCullough, a Wolfeboro, New Hampshire, artist, blinked and looked again. The price for high-test gasoline had jumped overnight from $1.36 per gal. to $1.49. "I couldn't believe it," he says. Blame the steep increase on the Iraqis and a problem in a Philadelphia refinery, said the attendant.

Oh, no you don't!

We want to blame Big Oil. It has given us precious little to work with in the past couple of years, save the occasional assault on the environment. Indeed, the price of oil and gas just kept falling, as did industry profits....

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!