Gas Prices Rise to Highest Level Since 2008

The average price of a gallon of self-serve regular gasoline in Los Angeles County rose Wednesday for the 23rd consecutive day, increasing 1.8 cents overnight to $4.357–the highest amount since July 26, 2008.
   The average price is 24.4 cents more than one week ago, 58.1 cents
higher than a month ago and 58.9 cents greater than a year ago, according to
figures from the AAA and Oil Price Information Service. It has risen 35 times
in 36 days, including 1.6 cents on Tuesday.
  Analysts cite rising oil prices which stem from fears of shortages due
to elevated tensions in the Middle East over Iran's nuclear program and
speculation by investors, along with reduced supplies resulting from the
closure of some California refineries for maintenance and a major fire at the
Cherry Point refinery near Blaine, Wash., that will cause its closure for at
least three weeks.
   Crude oil costs account for two-thirds to three-quarters of the price of
a gallon of gasoline, according to Tupper Hull of the Western States
Petroleum Association, a trade association representing oil companies in six
western states.
   In a speech at the University of Miami on Thursday, President Barack
Obama said "there are no quick fixes to the problem'' and "we can't just
drill our way to lower gas prices.''
   "We need to keep developing the technology that allows us to use less
oil in our cars and trucks, less energy for our buildings and our plants and
our factories,'' Obama said. "That's the strategy we're pursing and that's the
only real solution to this challenge.''
   In his State of the Union address on Jan. 24, Obama revealed plans for
an "all-of-the-above'' energy strategy "that develops every available source
of American energy.''
   Obama also used the speech to announce the 2012-2017 Offshore Oil and
Gas Development Program, which he said would open more than 75 percent of the nation's potential offshore oil and gas resources, and said he directed his
administration to allow the development of clean energy on public lands to
power 3 million homes.
   The Republican National Committee today unveiled a series of attacks on
Obama on rising gas prices nationwide, with RNC Chairman Reince Priebus calling the president "completely out of touch.''
   "After calling for a comprehensive energy plan 'that works' during the
campaign, four years later, Americans are scratching their heads wondering
exactly how long they are expected to wait,'' Priebus said.
"Barack Obama said he would work to solve our energy crisis 'once and for
all.' Yet his solution has been to make it harder for American energy
exploration, deny the Keystone Pipeline and prop up cronies at Solyndra.''
   White House Communications Director Dan Pfeiffer said U.S. oil and
natural gas production has increased each year since 2008 and the fuel economy standards Obama has established will nearly double the efficiency of the nation's vehicles and save $1.7 trillion in gasoline costs.

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