High Gas Prices

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The price of a barrel of crude oil hit a record high today topping $70.40. According to AAA, gas prices are up 24 percent from this time last year, and that's even before the summer spike in demand.

Now, some state legislators are calling for a repeal of the minimum markup law, which requires wholesalers to mark up prices by at least three percent and retailers six percent.

Opponents contend the markup saves drivers money at the pump, because if small gas stations go out of business, the larger firms could raise prices even more.

"The price of every product and service in this society is being increased, inflated because of the cost of gas diesel fuel every product and serve in our society it's going to get worse," says Sen. Dave Zien.

Senator Zien and Assemblyman Jeff Wood are pushing for the bill in each house to be addressed in a session later this month.