Oil that is... Black Gold... Texas Tea...

Libya Supply Disruption Could Push Oil to $130... where's Jed Clampett when you need him?

Mississippi Governor Haley Barbour, a potential presidential contender, accused the Obama administration Wednesday of favoring a run-up in gas prices. Politico blog offers a counterargument: that Barack Obama is repeating Jimmy Carter's energy policy mistakes.

Whenever gasoline prices go up up up... elected officials in the U.S. start calling for the President (whoever that may be) to tap into the National "energy reserve" [The reserve, created after the 1973 Arab oil embargo to protect against oil supply interruptions, holds 727 million barrels of government-owned crude oil in salt caverns near the Gulf Coast. While running for the presidency in 2008, Obama was among the lawmakers calling for the government to draw on the reserve. So far, the White House has been noncommittal, with Press Secretary Jay Carney telling reporters that all options are open.(LINK)]: Latest politician to grandstand on this - Kirsten Gillibrand!

Washington, DC – With gas prices rapidly increasing due to turmoil in the Middle East, U.S. Senator Kirsten Gillibrand is urging President Obama to release oil from the Strategic Petroleum Reserve (SPR). In the last year, gas prices in New York State have increased by 25 percent. This action would immediately stabilize gasoline prices which, according to the Energy Information Administration, were higher last month than in any February on record.

“Gasoline prices are at an all time high this month and are up $0.71 per gallon from a year ago,” Senator Gillibrand said. “Our families are already struggling in this difficult economy, and the last thing we need is rising gas prices. Releasing oil from the Strategic Petroleum Reserve is critical to relieve this extra burden on our families here in New York and across the country.”

How to have Gas at $1.50 per Gallon and do good for the Environment and our Health too...
Do what China is doing, which is to operate all the Top energy companies on Nationalize basis. As a result of which Chinese Government subsidies the price of Gas so that Chinese pay MAXIMUM of $1.50 per Gallon. This would be the same as if US Government Nationalized Exxon, Chevron, Texaco, etc. and took the $100s of Billions of Dollars in profit that these companies make per Year, and their $30Mill per year salaries and multiple $50Mill private Jets for their top brass, and passed these SAVINGS to American people/businesses by subsiding Gas to be $1.50 per Gallon. ~ contributed by No2RepublicanConJob

Gas prices have climbed more than 50 cents per gallon over the past 12 months and are now above the $3 mark. These prices are putting a significant dent in the budgets of middle class families across the country. The price of oil has risen over $10 per barrel in the last month, a price that would cost Americans an additional $40 billion annually, according to the Petroleum Marketers Association of America. Source: Gillibrand Press Office

In a letter to the President, Senator Gillibrand wrote, “The current price spike couldn’t have come at a worse time. When gas prices last peaked in July 2008, unemployment was 5.8%. Now, unemployment has been at or above 9% for 21 months. The Consumer Price Index increased 1.5% for all items in 2010, but for gasoline, the increase was 13.8%.”

Geoffrey Styles is Managing Director of GSW Strategy Group, LLC. He bloggeth this: "even if the current crisis in Libya and the Middle East resolves itself quickly and without further impact on world oil supplies, it provides another unwelcome reminder that we live in a world in which the President and other world leaders might need to call on our strategic oil inventories on very short notice to prevent a catastrophic breakdown of the economy."

Tags: peak oil, Gasoline Prices