Pump Prices Up and Going Higher?

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The price of gasoline is at or near all-time highs in many areas of the country and additional increases are likely.

Alabama Sen. Jeff Sessions said there is a number of steps the U.S. could take to control spiraling gas costs. He said drilling for oil in Alaska could help and urges tougher negotiations with OPEC and the oil-producing nations.

Sessions also said he believes if the U.S. could spur major oil production in Iraq, it could break the back of the oil cartel.

The Mobile Republican said he thinks OPEC stands to lose if gas prices go too high because consumer consumption would decline and OPEC would be stuck with a lot of high-priced oil that no one will buy.