National Gas Average is $3.43 per gallon. Mad Yet?

Where is the outrage? When Bush repealed the executive order for off-shore drilling, the price of barrel of oil dropped as low as $30/barrel (Feb 2009). Now, the price of gas jump to $3.52/gallon in Orlando, Florida. Are you mad yet? Can we drill now?

(Yahoo) NEW YORK (AP) -- The recent surge in oil prices is forcing sharp increases in gasoline and other fuels that could cascade throughout the U.S. economy for months to come.

Pump prices, which are already the highest ever for early March, jumped another 4 cents Thursday. The national average is $3.43 per gallon, according to AAA, Wright Express and Oil Price Information Service.

New Study Shows That Offshore Drilling Could Make Alaska the Eighth Largest Oil Producer in the World – Ahead of Libya and Nigeria

What the hell are we waiting for.......................

(CNSNews.com) – A new study says drilling on Alaska’s Outer Continental Shelf (OCS) could make Alaska the eighth largest oil resource province in the world -- ahead of Nigeria, Libya, Russia and Norway.


The report -- by the consulting firm Northern Economics and the University of Alaska-Anchorage’s Institute of Social and Economic Research -- says that developing Alaska’s OCS could produce almost 10 billion barrels of oil and 15 trillion cubic feet of natural gas, create around 55,000 new jobs and produce $145 billion in new payroll nationally, generating a total of $193 billion in government revenue through the year 2057.


A senior policy advisor with the American Petroleum Institute, the trade group for hundreds of U.S. oil and gas producers, said in a statement about the study that offshore drilling for oil and natural gas can help with the country’s energy and economic needs.


“America will need all forms of energy to get our economy back on track, and that includes oil – we can either produce it here and create more American jobs or import it and create jobs elsewhere,” Richard Ranger said. “The administration and Congress need to adopt an ‘all of the above’ energy approach that leverages our offshore resources in Alaska to create an energy plan for America that boosts, rather than inhibits, our economy.”


About 77 percent of world oil reserves are owned or controlled by national governments and the U.S. currently imports over 60 percent of its crude oil, according to API. The Northern Economics-University of Alaska study estimates that Arctic offshore development could cut U.S. imports by about 9 percent over 35 years.


Crude oil prices in New York broke through the $100-a-barrel threshold on Thursday, with rising prices linked to the unrest in the Middle East, including Libya and its vast oil reserves.


The Washington Post reported on Thursday that U.S. pump prices for regular gasoline jumped 4 cents a gallon overnight to $3.23, an 8-cent-per-gallon increase in the past week and 55 cents more than a year ago.


“Given the current political turmoil in the Middle East and increased demand from a slowly growing economy, it is more essential now than ever before that we develop Alaska’s OCS to increase domestic production,” Ranger said. “Increased OCS production in Alaska would also extend the operating life of the 800-mile Trans-Alaska Pipeline System (TAPS), a critical lifeline of domestic energy for America.”

Gas prices surge 17 cents in a week

As the turmoil in the Middle East and North Africa escalates, America's dependency for foreign oil must stop. With the weak dollar making the barrel of oil very expensive, it is impossible to hear our politicians gripe about this dilemma. In fact, higher pump price means more tax revenue for Washington, D.C. Since 1974 during the Nixon Administration, politicians want the USA to be less dependent on foreign oil. Ironically, it has been more than 30 years and the same politicians are still talking about it. Currently, alternative energy is decades away. The electric cars currently available are not what the consumers had in mind. America is current sitting on a massive depot of untapped oil, but afraid to touch it. It is time to be more proactive and tap into that resource, and at the same time, we must continue to improve all forms of alternative engergy. Like the old adage, "Why live for tomorrow if we can't live today."

NEW YORK (CNNMoney) -- Gas prices have increased nearly 17 cents a gallon in the past week. And analysts expect prices to continue higher, following a sharp rise in the price of crude oil.

The national average price for a gallon of regular gas rose 4.3 cents to $3.33, motorist group AAA said Saturday. That marks the fourth day in a row that prices have risen, and brings the national average to the highest level since October 2008.

Tom Kloza, chief oil analyst at the Oil Price Information Service, said gas prices' 6-cent jump reported Friday was the largest one-day increase since at least 2008.

Analysts expect prices to continue rising over the next few days, since gas prices typically lag trends in the oil market.

The spike in oil last week could translate to an increase in gas prices of 37 cents per gallon in the coming weeks, according Moody's Analytics economist Chris Lafakis. He estimates that for every $1 increase in the price of oil, retail gas prices typically rise 2.5 cents a gallon.

Economists warn that an energy price shock could hurt the economic recovery in the United States. In general, every $1 increase in the price of oil costs consumers $1 billion over the course of a year.

That's concerning because consumer spending makes up the bulk of U.S. gross domestic product, the broadest measure of economic growth.

The Solution for Higher Oil Prices is DRILL BABY DRILL

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.