Within the past week, gas prices have gone up 12 cents. And since the beginning of the year, they’ve jumped 11%.
A lot of this has to do with tensions between the West and Iran over Iran’s nuclear project. Oil prices are more immediately effected, but gas prices follow closely behind.
In retaliation to sanctions imposed on Iran, the Middle Eastern nation stopped oil exports to France and the United Kingdom.
And this has caused oil to increase, reaching $108.26 on Friday.
President Obama has emphasized his understanding of what this means for Americans, but he’s countered the idea that it can be dealt with by domestic drilling alone.
Obama believes domestic production is part of the solution. But it must be combined with other actions, like expansion of alternative energy and an increase in fuel efficiency in vehicles.
But in some areas, gas prices have already surpassed $4 per gallon and are lingering closer to the $5 range, calling for more immediate solutions.
And it’s become a bigger battle, considering it’s election year.
Republican candidate Newt Gingrich has developed explained his “Drill Here, Drill Now” plan in a debate:
“I’ve developed a program for American energy so no future president will ever bow to a Saudi king again, and so every American can look forward to $2.50-a-gallon gasoline.”
President Obama countered this with his “all-of-the-above” plan which “includes oil, gas, wind and solar power,” according to TIME.
Either way, these plans aren’t one-step, instantaneous fixes to the high pump prices. And a lot of the cost is controlled by the Middle East, so until tensions calm down there’s no guarantee of anything.
That’s all for now,