Gas Prices Hit $5 per Gallon on Obama's Watch
A combination of Obama's energy policies which keep us dependent on foreign oil coupled with speculation over the unrest in the Middle East have caused gas prices to skyrocket to record highs.
Following last year’s spill, President Obama seized on the crisis to advance his radical green energy agenda, imposing a six-month moratorium on new deepwater oil-drilling permits in the Gulf and ordering a halt to all deepwater drilling operations already under way. He also reinstated a decades-old prohibition he had just lifted on oil and gas drilling along the coasts of the Atlantic states and northern Alaska. While much of the gas-price escalation has occurred since February when turmoil erupted in oil-rich Libya, Mr. Obama’s drilling ban has left the United States powerless to counter the effect of disruption on Mideast oil production with an upsurge in domestic production. Uncertainty of supply now injects a fear-factor additive into each costly gallon.
STAMFORD, Conn. (CBSNewYork) — With the unrest in the Middle East, some economists say $5 a gallon gas will become the norm.
At first you might have thought your eyes were playing tricks on you, but they weren’t. Gas prices hit $4.99 for premium in Stamford on Wednesday, reports CBS 2’s Scott Rapoport.
Obama. How's that hope and change workin' out for ya? :)