Washington, D.C. – Crude oil prices closed yesterday at $38.18 dollars a barrel – the highest closing price since October, 1990. Meanwhile, the Labor Department reported that inflation at the wholesale level jumped 0.6 percent in January – the biggest increase in three months. The Labor Department said the climb in the Producer Price Index was due, in large part, to the largest jump in energy prices since last March. Chairman Pete V. Domenici’s statement: “The cost of gasoline broke all records this week. Crude oil yesterday closed at its highest price in 13 years. That means gasoline prices will climb even higher. Steep natural gas prices – up more than 60 percent in the last year – continue to drive American jobs overseas. The price of domestic coal, which has long been one of our cheapest fuels, climbed more than 30 percent in the past year. “These soaring energy prices are pushing wholesale inflation up. That means consumers won’t just pay more to drive their cars, turn on their lights or heat their homes. They will pay more for everything from groceries to clothing and appliances. “Congress must act this spring to pass comprehensive energy legislation. S. 2095 will stabilize natural gas prices by bringing the largest untapped and available supply of domestic gas to the lower 48 states. If we stabilize natural gas prices, coal prices will drop. “S. 2095 does everything politically possible to increase domestic oil production. Further, the bill provides tax credits to consumers who hybrid vehicles that use little gasoline. “The bad news on all energy fronts is sending a clear signal to Congress. We must act now to pass comprehensive energy legislation.” The analysis of energy prices in January from the Bureau of Labor Statistics: Prices for finished energy goods increased 4.7 percent in January, after registering a 1.6-percent gain in the prior month. Leading this acceleration, the gasoline index surged 14.1 percent, following a 3.4- percent rise in December. Prices for home heating oil and liquefied petroleum gas also advanced at a faster rate in January than they did a month earlier. The index for residential natural gas turned up, following a decline in the previous month. On the other hand, the rate of increase for residential electric power prices slowed from 0.5 percent in December to 0.1 percent in January. ###