Arcuri says lawmakers working to put gas prices in check

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By JOLEEN FERRIS

Story Created: May 2, 2008 at 4:31 PM EST

Story Updated: May 2, 2008 at 6:18 PM EST

UTICA - Congressman Michael Arcuri wants to let his constituents know what lawmakers are doing to bring gas prices back in check.

Arcuri spoke during a news conference Friday at Utica's Union Station. He says he co-sponsored a bill that would halt the purchase of oil for the nation's reserves - which he says are already 97% full.

Arcuri says the move would mean more oil in the open market, which translates into lower gas prices.

"In the past, we have seen the price of gas go down dramatically when we stop buying into the strategic reserve," Arcuri said.

Before the bill becomes law, both the Senate and the House of Representatives would have to agree on a common version and the president would have to sign it into law.

Congressman Arcuri says it could happen by summer.

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Monday, May 5 at 7:44 AM Marcy wrote ...

Because we live in a global economy. If some nations sold the oil for less than others there would be too much of an inbalance. Supply and demand, China and India are growing exponentially so the demand is going thru the roof right now, driving prices up.

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Saturday, May 3 at 12:06 PM Charles Monaski wrote ...

There seems to be so much misinformation about the price of gas. Would it be possible for some news media to display a pie chart that would define the percentages of the price of a gallon of gas as to where the money goes ? IE: the different Taxes , oil company profit, and the gasoline retailers profit and the producers and distributers selling price to the gas stations.Since we get most of our oil from Mexico , Venezuela and Canada why does the middle east have so much impact on our pricing?

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