Oil Price Hysteria
3 Democrats apparently wrote President Obama a letter requesting he tap into the Strategic Oil Reserve to help ease rising gas prices surging because of surging oil prices.
Yes, in the short term, oil prices (OIL @ 25.69, 2/24/11) have rallied some….
However, a longer term perspective shows that oil prices are far, far below their highs of just 3 years ago:
As someone living a country where we routinely pay about $6 a gallon, the idea of $3 a gallon gasoline prompting an emergency federal response makes little sense.
3 Democrats apparently wrote President Obama a letter requesting he tap into the Strategic Oil Reserve to help ease rising gas prices surging because of surging oil prices.
Yes, in the short term, oil prices (OIL @ 25.69, 2/24/11) have rallied some….
However, a longer term perspective shows that oil prices are far, far below their highs of just 3 years ago:
As someone living a country where we routinely pay about $6 a gallon, the idea of $3 a gallon gasoline prompting an emergency federal response makes little sense.
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