Since the USA import oil from Europe and export them back as gasoline and desiel, any distruption in the world oil market will affect here on America's soil. Since America is completely at full capacity at the Strategic Petrolium Reserves, the chaos in Libya shouldn't affect us, but we should be more alarmed with the other fragile oil nations in the Middle East. The higher price of oil is also contributed by China hording this commodity. China has purchased over 30 million cars, and because of the demand of oil, the price of a barrel of oil will increase. So, what is the solution? DRILL BABY DRILL!!!!
(ABC) Weekly gas prices skyrocketed, according to the Department of Energy, driven by the popular revolts spreading across the Middle East.
The U.S. weekly average price per gallon is $3.19, up 54 cents from a year ago, and slightly higher than last week's $3.14. This was the highest price posted during the month of February since 1990, when the data became available. The most expensive regions again are New England at $3.23 and California at $3.56.
Oil settled at $93.57 in New York trading, up 8.5 percent since Friday's close, the biggest one day jump in nearly three years.
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