- W gave the Environmental Protection Agency the authority to relax regional clean-fuel standards to attract more imports of gasoline to the United States and to make it easier for supplies to be moved from one state to another.
- W halted deposits of oil to the nation's strategic petroleum reserve until the fall.
- The global economy is expanding, and that means the thirst for oil is only going to grow.
- Daily global demand is roughly 85 million barrels per day. There is less than 2 million barrels per day of spare production capacity.
- Oil traders are nervous about geopolitical tensions in Nigeria, Iran, and Venezuela.
- Speculative investors are piling into energy markets.
This cost of energy is only going to get a lot worse for a long time. We need to loose our dependence on oil and gas to generate our energy. And as much as it's going to hurt me, if rising gas prices will drive the big SUVs and other gas guzzlers off the road, then I say let's get them prices up.