Dan Coats: “right now there is an issue on the mind of every Hoosier and most Americans, if not every American, and that issue is…”

“right now there is an issue on the mind of every Hoosier and most Americans, if not every American, and that issue is the high price of gas. Over the past few months, gas prices have risen higher and higher each week. Currently, across the Nation, the average price is $3.90. In Indiana, it is even higher. It is close to $4, and in many parts of our State it is well over $4 per gallon. These prices obviously have a significant economic impact on our country. It causes budgets to get tighter, planned vacations to either be canceled or shortened; families, farmers, and businesses across the State of Indiana are having to rethink their budgets for the year and make tough financial decisions. This is all at a time when unemployment continues to remain high. Americans are struggling to make ends meet. Rising gas and energy costs only further weaken an already struggling economy. It is true supply and demand of gasoline and oil prices are subject to global considerations. There are concerns that the supply is not meeting the demand. That triggers some clear increase in prices of crude oil. There is also the concern that conflict in the Middle East could potentially shut down lanes of commerce that bring oil out of the Middle East to the rest of the world. So we need to acknowledge there are these spikes. However, this is a trend that has been going up and up and up.…”