“There’s no such thing as a quick fix when it comes to high gas prices,” Obama said in a speech at Prince George’s County Community College in Largo, Md. “We know there’s no silver bullet.”
Absent a fix, the rising price of gasoline is impacting the US economy by draining money from Americans’ pockets. On Friday, the government reported that the February Consumer Price Index rose 0.4 percent, in large part because of rising gasoline prices. In March, prices have continued to move higher.
Prices rose sharply last spring as well when the civil war in Libya disrupted oil supplies. Then, Obama released oil from the Strategic Petroleum Reserve before the conflict turned in favor of the rebels.
Oil prices fell from $113 a barrel on April 29 to $97 a barrel by May 6. By October, oil was selling for $75 a barrel. “That’s a decrease of over $30 a barrel,” says Mr. Ash. “For every $1 a barrel decrease, the price at the pump comes down 2. 5 cents a gallon so that’s a 75 cent per gallon decrease.”