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Spending Too Much on Gas, Stay Home

John Fagan, Jr

Americans are paying record prices for gasoline.

The International Energy Agency is warning that there is unlikely to be much relief from current high oil prices because of brisk demand in China and other emerging markets and analysts aren't convinced that the huge runup in oil prices has run its course. The White House says that soaring oil prices are "not going to be solved overnight" and that "it would be wrong" of President Bush to promise otherwise. Presidential spokeswoman said Tuesday on Air Force One that "there are some things we cannot do." Her comments came as oil prices rose above $109 a barrel for the first time. They are up from $87 a barrel in January. Trade deficit grows as imports reach record highs in January.

WASHINGTON

cluding crude oil prices
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3.22 Copyright (C) 2007 Alain Georgette / Copyright (C) 2006 Frantisek Hliva. All rights reserved."

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