White House (Photo credit: HarshLight)As the crisis in Libya and elsewhere in the Arab world continues, the oil markets have, understandably, been rocked by uncertainly and fluctuation. Here in the United States, that has led to some fairly sharp increases in the price of gasoline:
NEW YORK (CNNMoney) — Gas prices continued to rise Monday, driven higher for nearly two weeks straight by the turmoil in Libya, with analysts expecting prices to keep climbing.The national average price for a gallon of regular gasoline rose six tenths of a cent to $3.509, according to a daily survey by motorist group AAA.Gas prices have increased for 13 days in a row, rising nearly 34 cents in that time.
The pain at the pump is palpable for anyone who’s had to full up their tank anytime in the last week and that’s led, inevitably, to calls for the President to “do something,”even if that something is immensely foolish:
The Obama administration is considering tapping the Strategic Petroleum Reserve in response to rapidly rising gasoline prices brought on by turmoil in the Middle East, the White House chief of staff, William M. Daley, said on Sunday... Continue to read.
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