|
While Obama boasts that domestic drilling is up, he neglects to mention that most of the increase is on private and state-owned lands, Upton said, noting that the Obama administration has canceled oil leases on federal lands. Rep. Henry Waxman, D-Calif., said GOP calls to increase drilling were all-too familiar. "We've seen this movie before," Waxman said. "The reality is that gas prices have risen because of global markets." Waxman and other Democrats said the best way to combat rising oil prices was to reduce U.S. dependence on oil. "There's no silver bullet," he said. Retail gas prices are at their highest levels ever for this time of year despite ample supplies and declining demand. That's because tension in the Persian Gulf has kept crude oil prices around $100 per barrel for most of the month. Analysts say oil prices are likely to remain at those levels until there is more clarity about what will happen in the Gulf, where Iran has threatened to close the Strait of Hormuz if the U.S. and other countries impose more sanctions on its nuclear program. Iranian imports are banned in the U.S., but Iran supplies 2.2 million barrels per day to the rest of the world, mainly Asia and Europe.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor