Feature

More pain at the gas pump

The average price of gasoline across the country is now $3.59 a gallon, the highest it’s ever been at this time of year.

Gas prices hit a record seasonal high this week, all but assuring that surging fuel costs will be a key issue in the presidential race. The average price of gasoline across the country is now $3.59 a gallon, the highest it’s ever been at this time of year. Prices are likely to rise further as the summer driving season hikes demand, analysts said, and could hit $5 a gallon in high-tax states like New York and California. The White House said tensions in Iran and an unusually cold winter in Europe had caused the price of oil to surge to $106 a barrel. But Republican presidential nominees blamed President Obama for the soaring prices. “His policies have done everything they can to slow down energy production,” said Rick Santorum.

Blame Wall Street for the rising gas prices, said Kevin G. Hall in The Seattle Times. Oil speculators are “piling into the market,” betting that oil prices will surge in the summer and “torquing the Iranian fear factor into ever-higher prices.” Domestic policies aren’t a factor: Oil is plentiful, demand is weak, and the U.S. actually sold more gasoline than it used last year. What’s costing us at the pump is “rampant financial speculation.”

So what is the president doing about it? said Michael Graham in the Boston Herald. He has refused to ease market jitters by opening up offshore leases, and angered Wall Street by “cheerily vetoing” the Keystone XL pipeline from Canada. Perhaps he agrees with Energy Secretary Steven Chu’s 2008 statement that we need European-style gas prices to get us to trade in our gas-guzzlers for green vehicles. Well, Mr. President, “I am in the market for a trade-in. This November.”

High gas prices are actually the last thing Obama wants, said Ron Klain in Bloomberg.com. If they hit $5 a gallon, angry voters will desert him in droves. That prospect leaves him with a troubling dilemma: Does he “abandon principled positions” on the environment by expanding oil drilling and cutting gas taxes, or “suffer the political consequences” of doing nothing at all? The White House needs to come up with a plan “before the gauge says E—for economic peril.”

Recommended

Great Britain has its 1st Catholic prime minister. Surprise!
Boris Johnson, Carrie Symonds
Things that make you go hmmmmm...

Great Britain has its 1st Catholic prime minister. Surprise!

Biden suspends Trump's 25 percent tariff on Scotch whisky
Scotch
Slàinte mhath

Biden suspends Trump's 25 percent tariff on Scotch whisky

Almost all operations shut down as COVID-19 outbreak hits U.S. Embassy in Kabul
The U.S. Embassy in Kabul.
coronavirus crisis

Almost all operations shut down as COVID-19 outbreak hits U.S. Embassy in Kabul

Biden's Putin meeting rehabilitated his image in Russia
Joe Biden
Image upgrade

Biden's Putin meeting rehabilitated his image in Russia

Most Popular

7 toons about the Dems' Joe Manchin problem
Political Cartoon.
Feature

7 toons about the Dems' Joe Manchin problem

Bernie Sanders wants to know if cannabis reporter is 'stoned' right now
Bernie Sanders.
Sounds dope

Bernie Sanders wants to know if cannabis reporter is 'stoned' right now

Georgia election workers reportedly received a 'torrent' of threats
Trump rally.
The big lie

Georgia election workers reportedly received a 'torrent' of threats