Gas prices have doubled under Obama says gas tracking price website GasBuddy.com and the price of oil rose to a 30-month high today according to Yahoo! FINANCE as fighters loyal to Moammar Gadhafi pushed back rebels from key areas in eastern Libya.
“At one point it hit $106.83, the highest it’s been since September, 2008. In London, Brent crude rose $2.25 to settle at $117.20 per barrel.”
Libya’s output is only 2% of global supply and most of that goes to European countries. Saudi Arabia is making up the shortfall at the moment, but this is bound to result in disruption across the OPEC countries, which includes Iran -not exactly any Westerners friend.
And where was Obama when this ‘skirmish’ started? In Brazil playing soccer and assuring Brazilian oil company Petrobras that America would be their best customer after making $2Billion of US taxpayer money available to them last August amid our own Gulf drilling moratorium, further assuring that Americans will continue to move further from energy independence.
Personally, I kinda think Bob here, has it right!