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Vilsack: Probe may lower gas cost 50 cents

Tuesday, October 4, 2005

An impartial investigation into soaring gasoline prices could bring consumers a big saving, perhaps as much as 50-cents per gallon, Gov. Tom Vilsack said Friday.

"We have studies that show that's how much we're being overcharged," the governor told The Associated Press.

Vilsack pointed to a University of Wisconsin study showing historical trends and market forces that would place the price of gasoline significantly below current prices.

An administration review of gasoline prices is being headed by a former oil company executive, and there's little reason to give any credence to that review, the governor said.

The governor spoke from Harcourt, where he was wrapping up his annual walk across the state. Conversations he's had during his trek have focused on rising gas prices that once again are nearing $3 per gallon in the wake of hurricanes which have battered the Gulf Coast.

Vilsack said few people he's spoken with trust President Bush to deal fairly with oil companies, since both he and Vice President Dick Cheney have ties to the oil industry.

"There's not a lot of faith out there," Vilsack said.

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