Gas prices hit $3.52 mark; Obama Looks Into Oil Reserves

With the recent conflicts in the Middle East and North Africa, gas prices have hit an ominous milestone.

Since the turmoil in Libya broke out in mid-February, the price of crude oil has jumped roughly 20% to more than 104 dollars a barrel, pushing up prices at the pump as well.

In some areas, gas prices are as high as four dollars! Problem is that according to the International Energy Agency, Libya has halted between 850,000 and 1.0 million barrels per day (bpd) of the country’s total of 1.6 million bpd.
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HSCenterconsole - 3/7/2011 11:06:01 AM

+3 Boost

This headline is misleading. The Obama administration is actually fighting in court to allow the Interior Department to continue dragging its feet on issuing new offshore permits.

http://www.politico.com/news/stories/0311/50703.html

toolatetorace - 3/7/2011 11:15:05 PM

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Where ?

laurent - 3/7/2011 1:34:00 PM

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Of course gaz price was 1,60$ a gallon. That was because Bush administration crashed the economy. Better economy mean higher gaz price.

This a good news then...

Lexus - 3/7/2011 1:50:41 PM

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I hope you're being sarcastic. Any who, what they talking about? I'm paying $4.00 or more per gallon in California. I guess more record profiting again for the gas company this year.

Willis - 3/7/2011 3:31:05 PM

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And it seems we Americans still don't want to adapt and change our ways. Do we really need oversized and inefficient SUVs? A midsize station wagon with intelligent interior design can transport the average family in relative comfort and still have enough trunk space for the luggage.

Another thing that bugs me: a 300+ hp Nissan Quest minivan and Dodge Caravan R/T - absolutely pointless.

t_bone - 3/7/2011 5:50:20 PM

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I was with you until you mentioned the 300hp minivans. I want.

Lexus - 3/8/2011 1:39:30 AM

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Okay, what about the BMW X6M with 500+ hp or the Audi RS6 Avant with close to 600 hp? I can see a Minivan carrying 5 or 7 passenger needing more hp and torques to make the ride easier. Try driving a Minivan with 200 hp or less and carry 5 passengers on a Freeways and see how hard it to pass or change lane.

MBCLS07 - 3/7/2011 8:36:49 PM

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Obama's Secretary of Energy, Steven Chu in 2008: "somehow we have to figure out how to boost the price of gasoline to the levels in Europe." Obama also said while campaigning that under his plan, "energy costs will necessarily skyrocket". Of course, Obama took advantage of the BP oil spill to weaken domestic oil production and has done nothing to fulfill his campaign promise to add more nuclear energy production.

Obama=Jimmy Carter's 2nd term.

toolatetorace - 3/7/2011 11:14:04 PM

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Gas /per gal. in Europe is an all together different price make up that we got here ,,also based on a completly different tax structue . For one , what they pay for a gallon of gas goes to pay for their health insurance . That alone will add a big percentage of increase over what we pay per gallon among other taxes that are added to thier fuel tax . IF we had free health care we would be nearer what they pay for gas . IT relly riles me whenever I hear ,, Gas is three time the price in Europe . Well no wonder when you look at the whole picture