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Home Front: Politix
Obama Says Tension with Iran Adding $20-30 to Oil Prices
2012-03-24
[An Nahar] Tension with Iran and "uncertainty" in the region is adding a $20 or $30 premium to oil prices, pushing up gas prices for vehicle owners in the United States, President Barack Obama
We're gonna punish our enemies and we're gonna reward our friends who stand with us on issues that are important to us...
said.

"The key thing that is driving higher gas prices is actually the world's oil markets and uncertainty about what's going on in Iran and the Middle East, and that's adding a $20 or $30 premium to oil prices," Obama said in an interview with the American Automobile Association (AAA) published Friday.

Obama also said increasing demand for oil in China and India was driving prices.

"As more and more people around the world see their standards of living rising, they purchase cars, they have demand for oil, that creates a greater demand worldwide and that raises the price," Obama told AAA.

Pump prices are hovering near record highs as markets worry about tensions in the Middle East, with Obama moving to clamp down on criticism of his administration on the issue in an election year.

Amid a four-state tour to defend his energy plans this week, Obama stressed that his administration has approved "dozens" of new oil and gas pipelines, but new drilling was insufficient to lower rising gas prices.
Posted by:Fred

#11  Telecommute.
Posted by: Abu Uluque   2012-03-24 19:25  

#10  World markets, supply and demand, limited sources, eh? So if there were more oil available from more places it would be cheaper, right?

Or is B-HO suggesting we should kick their asses and steal their oil?
Posted by: SteveS   2012-03-24 15:21  

#9  Imagine the prices if somebody nukes all the oil transportation hubs in Persian Gulf. A single missile fired at, and missing, a tanker in the Strait of Hormuz would be enough to hike prices by 50%. Closing the strait for a month would likely cause shortages worldwide.
Posted by: Anguper Hupomosing9418   2012-03-24 13:53  

#8  Correct - Oil prices are not going up, the "value" of the Dollar is going down.
Posted by: newc   2012-03-24 12:55  

#7  Also ignore printing 1.6 trillion to 'pump' the economy followed by QE1, QE2, and on going stealth QE3. Inflation, what inflation?
Posted by: Procopius2k   2012-03-24 12:33  

#6  And speculators. And the Koch Brothers.

Absolutely nothing to do with an incoherant and scattered energy policy led by an administration bragging about the country being better off with $5+ per se gallon.

Gota problem wit that? Fill your tires and go buy a voltswagon.
Posted by: swksvolFF   2012-03-24 12:12  

#5  Imagine the prices if somebody nukes all the oil transportation hubs in Persian Gulf.
Posted by: g(r)omgoru   2012-03-24 12:02  

#4  Wife saw $4.54 driving home in DuPage last night so Chicago should be higher.
Posted by: Water Modem   2012-03-24 03:02  

#3  I can see using up THEIR oil, then selling OUR oil at a HIGH price to them.
Posted by: Redneck Jim   2012-03-24 01:08  

#2  Buying oil from the middle east causes problems with our security but drilling here won't help? The man is really dense....or ??
Posted by: tipover   2012-03-24 01:03  

#1  Iran, China, India, Guam, Hawaii, Wales, Atlantis, Rhodesia.... all to blame. I'ze tell'n ya, nuttin I can DO!
Posted by: Besoeker   2012-03-24 01:00  

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