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  • Monday,
    Mar 7, 2011
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  • Feds: No new drilling permits, but we'll tap into Strategic Petroleum Reserve!

    Oil prices have been on the rise recently with supply worries from the unrest in the Middle East and short term commodities speculation helping to bring prices to over $106 a barrel as of this morning, the highest in two years. Americans are feeling the sting of these prices most immediately in their gas costs, currently averaging $3.50 a gallon across the country but is reported as high as $5 a gallon in some areas such as L.A.

     The Obama administration has issued contradictory statements on the high oil prices. On Friday the Obama administration had issued an appeal on a Judge's ruling that the Department of Interior stop holding up the application process of several deepwater drilling permits, effectively continuing the de facto ban on deepwater drilling in the Gulf. On Sunday however, White House Chief of Staff Bill Daley said the Obama administration is considering tapping into the U.S. Strategic Petroleum Reserve as one way to help ease soaring oil prices.

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