Congress probes oil industry as gas hits record highs
CBS News
Transcript
[Music] with gas prices hitting record highs every day lawmakers want to know what the oil industry is doing to help American consumers The Joint economic committee holds the latest in a series of hearings today on Capital Hill to discuss the impact of consolidation in the oil industry investors will also be keeping an eye on the oil pits as the government gets set to release the latest report on us crude stock piles crude oil prices fell Tuesday despite news that BP would be shutting down 100,000 barrels of its Alaskan oil production for a few days due to a pipeline leak meanwhile the upcoming hurricane season could mean more pain at the pump for drivers government forecasts are predicting a busier than normal season this year with 133 to 17 tropical storms and as many as 10 hurricanes if any of those storms impact oil facilities along the Gulf region we are sure to see a spike in crude oil and gasoline prices another day of deals left stocks mixed on Wall Street in the end the down Industrials lost about three points the NASDAQ closed up better than nine the stock market may take its cue today from a report on durable goods orders for things like washing machines dishwashers and refrigerators the report could offer insight into the health of consumer spending which accounts for 2third of the US economy that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus