Expert Blames High Gas Prices on Falling Dollar

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The price of gasoline across the U.S. has risen to an average of $3.83 per gallon, and some analysts warn it could go much higher. The spike is hitting consumers hard, right in the pocketbook.

"It's taking a toll on my funds right now," one motorist complained.
Analyst Richard Hastings told CNBC that one reason gas prices are rising is because the dollar is depreciating. Consequently, it can't buy as much as it used to.

He said the falling dollar is responsible for about one-third the cost of a gallon of gas. He warned that if the dollar keeps falling, the price of gas could hit $6 a gallon.

Meanwhile, a new report by the Business and Media Institute notes the media has been largely silent on the role of the Obama administration in America's rising gas prices.

Julia Seymour, assistant editor and analyst for the Business and Media Institute, talked more about that report on the CBN News Channel's Morning News, April 21.

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