US Oil drilling has never been more active. Putting it bluntly, we are running out of gas! The more we use and the more we mine, the harder it is to reach and the more expensive it becomes.
It makes for great campaign slogans and election rhetoric to blame Obama for gasoline price based on his opposition to drilling. The problem is, it isn't accurate. More oil drilling takes place here than any place in the world and this has accelerated under Obama. If you want to blame Obama for something, blame him for having troops in Afghanistan not for gasoline prices.
Gasoline prices spike more because of oil speculators than on supply and demand. Follow the smell. Like forclosed mortgages, the smell of high gasoline prices at the pumps will lead you directly to Wall Street.
There is only one way to whip the high price of gasoline - stop using it. The price will dip once in a while but the trend will continue upward. Remember when it hit $3 for the first time? Remember how we screamed? Now $3 gasoline is considered the good old days. The fact is, the supply of oil is finite and it's mostly gone. The demand for gasoline, absent a change in attitudes is infinite as the global economy expands. Alternative fuels is the only possible answer to higher and higher gasoline costs. Changes to the conventional combustion engine are having an effect but the growing market penetration of alternative fuelled vehicles (AFV) - specifically hybrid electric vehicles (HEV) - is likely to have a more significant impact on US gasoline consumption over the longer term. Add to that, the collateral benefits of eliminating the dependence on foreign unstable governments and cleaner air and what's not to like?