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Posted on 02/20/2012 3:52:52 AM PST by tobyhill
It doesn’t look like the pain at the gas pump will be easing anytime soon since prices have soared in the past month due to tension in the Middle East.
Iran cut off oil to European countries, as a pre-emptive strike for the European Union's tough new sanctions over its nuclear program.
As a result, over the past month, gas prices have soared 18 cents a gallon, and it might get even worse.
Experts predict they could reach $5 a gallon by Memorial Day.
“It's already hurting the economy and it's going to continue as long as they go up."
(Excerpt) Read more at wjla.com ...
And they also claim it is because of Bush, Japanese earthquakes, Iran, Midle East, bad luck.
And the MSM just keeps on covering things up and not asking the real question:"How has Anything Obama has done, made us less dependent on foreign oil?
We had been using 20+ million barrels per day and producing around 8 million barrels per day. There might have been some change, but I doubt we're now exporting more crude oil than we're importing.
I think there was a report that we are now exporting more finished petroleum products than we now import.
True. "Data released last week by the U.S. Energy Information Administration shows that the U.S. sent abroad 753.4 million barrels of gasoline, diesel and other oil-based fuels in the first nine months of 2011, while taking in only 689.4 million barrels."
Read more: http://www.foxnews.com/us/2011/12/05/us-on-pace-to-become-net-fuel-exporter/#ixzz1mvT3dfKS
Right. There’s a huge difference between crude oil and oil-based fuels, though. As others have posted here, I’m sure the U.S. still imports far more oil than we export.
We’re exporting more oil than we’re importing.
We are not exporting more crude oil than we are importing. When most people refer to "oil", they mean crude oil and not finished petroleum products.
This only helps Obama if oil and gas prices drop again around labor day and he is seen to have done something.
This is exactly right. And prices will fall...just in time.
It ain’t puttin a dent in the Obama’s vacations.
I figure around Labor day when demand starts to drop he will make a big announcement, like moving forward with the pipeline, and releasing the strategic oil reserves at the same time. And that will send oil prices crashing again. Then if he wins the election he can make believe he never said he would do anything.
Israel could throw a wrench in Obama's plans by keeping Iran making threats during that time period.
That sounds plausible, but 6 months of high gas prices might send consumers back into the bunkers again, and they will refuse to spend. Talked to a coworker the other day who was contemplating buying a new SUV. I just wonder what he’ll be thinking if it’s costing him a crisp $100 to fill that tank during the summer. I still have my 80 mpg scooter; I’m ready.
Precisely. He announces that he will lift the drilling moratorium in the Gulf of Mexico, approve the Keystone Pipeline, and open the strategic reserve. Prices fall on the expectations, he wins re-election and never implements any of it.
I can see diesel at the Marina this summer being close to $5/gal.-Tom
We don’t buy oil from Iran. We produce a lot of our own oil and buy from Mexico, Canada and Venezuela.
Don’t blame Iran, blame Obama. The XL pipeline fiasco needs to be hung around his neck like a millstone.
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