This week the media’s attention is finally focused on oil prices. After two years of continually rising consumer gas prices in America, the oil futures market has captivated the Mideast storyline. And attention is much needed. December 2010 saw the highest gas prices for the month of December in our nation’s history. This month, we’re setting similar records with the national average of $3.14/gallon–fifty cents higher than it was a year ago. If this trend continues, the summer of 2011 will hit consumers much harder than in the summer of 2008 when prices soared above $4/gallon.
But if you only read, hear or see this week’s news reports, you would think that oil and gas prices were doing just fine until the historic events in Egypt, Libya and across the Middle East unfolded this past month and caused spikes in the futures market. Unfortunately, that is not the case. President Obama has been unilaterally taking steps to increase the cost of gasoline for two years. Here are ten things you need to know about gas prices that you may not hear reported elsewhere.Continue reading on blog.heritage.org