LA Treasurer Warns No State Gas Tax Will Impact Roads

Oil prices continued their steady climb Wednesday, again ending the day at a new record high.

Oil futures trading ending on the NYSE at just over $133. a barrel. One year ago, oil was selling for just above $70 a barrel.

On Capitol Hill, senators told oil executives that high oil prices cannot be explained by supply and demand.

They said the oil industry's concentration, along with OPEC price collusion, are contributing to the costs facing consumers.

While gas prices are on the minds of lots of drivers, Louisiana's top money person says suspending the state gas tax is nice on the pockets but may be bad for the roads.

Louisiana State Treasurer John Kennedy says all drivers can use a brake at the pump. But he adds what it would cost drivers may not be worth the suspension of the state gas tax.

"Well, I would support suspending the gas tax at the state level if we could be sure that it wouldn't impact our construction of new highways and repairing old highways."

One of the highways depending on the dollars generated by the state gas tax is Interstate-49 north to Arkansas.