Tipsheet

Energy Prices Necessarily Skyrocketing: $4 per Gallon of Gas on the Way

Just two weeks ago the Obama Adminstration rejected approving the Keystone Pipeline, a project that not only would have employed thousands, but would have also provided lower energy costs for millions of Americans. In his own State of the Union address, Obama called for America to become more energy independent. But, as usual, the numbers speak louder than Obama's empty rhetoric. In the past four weeks, prices at the pump jumped 19 cents, and economists project gas will cost more than $4 per gallon by summer 2012.

After rising 19 cents a gallon in the past four weeks, regular unleaded gasoline now averages $3.48 a gallon, vs. $3.12 a year ago and $2.67 in February 2010.

Prices could spike another 60 cents or more by May. "I think it's going to be a chaotic spring, with huge price increases in some places," says Tom Kloza of the Oil Price Information Service. Kloza expects average prices to peak at $4.05, although he and other industry trackers say prices could be sharply higher in some markets.

The Obama Administration no doubt will blame skyrocketing oil prices on the tension in the Middle East, fair enough, but if Obama would approve projects like Keystone, we wouldn't have to worry about tension in the Middle East bumping our energy prices up in the future. Gas prices have doubled under Obama, jumping 100 percent since George W. Bush left office.

Gas prices have doubled since Mr. Obama took office. According to the GasBuddy gasoline price tracking web site, the price of a gallon of regular gas was around $1.79 when Mr. Obama took office.