Higher Gas Prices Predicted
Drivers in the Jackson Hole Area have noted a recent spike in the price of gasoline, which is still below the national average. Unfortunately, Senator Mike Enzi says this is probably only the beginning. Enzi says contributing to the recent increase at the pump has been the unrest seen in the Middle East. However, Enzi says decisions on Capitol Hill will likely spell continued increases in fuel prices. Enzi says the elimination of tax subsidies for businesses to make domestic businesses more competitive globally will spell the demise of some domestic oil producers. Enzi has suggested staging in any reductions in such tax subsidies so that companies can adjust for it over time. Enzi says they could recover from the up-front taxes over a period of about seven years. In the meantime, as domestic operations decrease, Enzi says prices will likely increase.
