Breaking News

Friday, February 27, 2015 - 9:14am

Obama: No easy answers to lowering pump prices

Obama: No easy answers to lowering pump prices

POSTED: Saturday, February 25, 2012 - 9:14am

UPDATED: Sunday, February 26, 2012 - 1:36pm

President Barack Obama says there is no easy answer to the problem of rising energy prices and he's dismissing Republican solutions as little more than gimmicks.

"We know there's no silver bullet that will bring down gas prices or reduce our dependence on foreign oil overnight," Obama said Saturday in his weekly radio and Internet address. "But what we can do is get our priorities straight and make a sustained, serious effort to tackle this problem."

Oil prices are approaching last year's highs as tensions increase over Iran's nuclear program. The rise pushed gasoline prices Friday to a national average of $3.65 a gallon, the highest ever for this time of year. A spike in gas prices is normal in spring, but it came earlier than usual this year in large part because of world fears that the growing confrontation with Iran will crimp oil supplies. Iran is the world's third-largest crude supplier.

Rising oil prices weigh on the economy, pushing leisure and business travel costs higher. Every 1-cent increase in the price of gasoline costs the economy $1.4 billon, analysts say.

Obama said Republicans have one answer to the oil pinch: drill.

For more on this story:

Comments News Comments

Yes, FedReserve money deflation is pushing gas prices up; but also is the volatile nature of our foreign supply of fuel and if Otraitor had left the Gulf, Anwar, The Rockies, and pretty much anywhere else in the US open for drilling; the markets would not be concerned about supply and we would not be seeing these increases.

You've just been lied to and this media source repeated it. The USA has such a glut of gasoline that we export it. Google and see. It's not a dependence on foreign oil that makes prices gasoline high, it's the dollars devaluation caused by printing Trillions upon Trillions (15 trillion national debt + 16 trillion to Europe for bailout) all courtesy of the Federal Reserve, that private bank that controls our economy like they control Obama and Bush before him.

Ron Paul, who promises to rein-in the federal reserves unchecked control of our economy through currency manipulation, is ignored by media or labeled with ridicule. Its not hard to see that the control of economy and our elections is all done by those who control our money.

Post new Comment