World Unrest Causing Gas Prices To Soar
The unrest half a world away is causing gas prices to rise in the US and here locally. Prices range from just over $3.00 for a gallon of regular unleaded in Twin Falls to as high as $3.26 a gallon just a few miles west in Filer. Oil analysts say the supply in the US is adequate right now but the problem is the unrest in Lybia. In just the past week oil operations have been shut down in that country that amount to about a million barrels of oil a day. The price increase is due to what industry officials are calling a “fear premium” which adds about $10 to a barrel of oil. In just the last month gas prices have jumped over 8 cents per gallon. It rose over 2-cents per gallon on Wednesday alone. The national average is nearly $3.20 per gallon according to Triple A. And as long as the protests and unrest continue in Lybia and other parts of the world experts expect the price to continue to rise to as high as $3.75 per gallon this summer.
I don't know about you but I'm putting the equivalency of a car payment in my tank every month and I don't see prices going down any time soon. You can't blame oil companies, can you? If the price of oil goes up, it goes without saying that the oil companies are going to pass the cost to the consumer. Should we be doing something to fix this? What do you think we should be doing to reduce our dependency on foreign oil? Is it time to seriously consider buying electric cars and hybrids? Is it time to start drilling off our OWN shore? Comment below.