Thursday, February 23, 2012

Oil at $108+ per Barrel

With oil prices now at $108+ per barrel and many analysts predicting that it will go higher, President Obama offered more political rhetoric than answers or solutions for the soaring gas prices that Americans are seeing at the pump.

In a speech in Miami, Florida, President Obama tried to deflect Republican attacks and blamed many factors like the increase in oil consumption by India, China and other countries as well as the tensions with Iran.

U.S. gas prices have jumped 9 cents in the past week alone with no end in sight. Gas prices are expected to be $4 per gallon through the summer driving season and well into the November elections.

While George W. Bush was in office, Congressional Democrats blamed the president for high oil prices and said that he was lining the pockets of his oil buddies. They also screamed for congressional committee hearings to find out why oil and gas prices were so high. Many called for a windfall profits tax on oil companies.

Surprisingly, we are not hearing the same outcry now.

No comments:

Post a Comment