Oil Prices, Gas Prices and Domestic Production

Jeff Bingaman, chairman of the Senate Energy Committee, has a well-deserved reputation for focusing on facts. He worries about the many myths surrounding gasoline prices, oil prices and domestic production. Today, on the Senate floor, he called out some of these fictions and refocused attention on the facts.

 The prices that we are paying for oil and the products refined from oil, such as gasoline, are set on the world market.