Gas prices: why $2 gas isn't happening anytime soon
Gas prices rose 4 percent in the US this week, according to AAA. Despite a boom in North American oil production, gas prices won't be approaching $2 anytime soon.
(Page 2 of 2)
The International Energy Agency said this week fears of so-called peak oil are more or less unfounded in part because of production gains from the United States. Production from the Bakken formation in the Northern Plains states helped move the North Dakota economy from failure to frenzy in roughly a decade's time. Issues overseas, however, are driving domestic gasoline prices higher as oil on the international market stays above the $100 per barrel mark for the first time since last year. (Related article: Why Gas Prices are Unlikely to Fall Anytime Soon)Skip to next paragraph
Subscribe Today to the Monitor
Those like Gingrich and the American Petroleum Institute said building a pipeline like Keystone XL would shield the North American economy from the overseas turmoil wreacking havoc on retail consumer markets. API says 70 percent of the people it surveyed said Keystone XL would help with national security issues tied to energy markets. A rival survey of public opinion from the Pew Research Center found 83 percent of the people in the United States wanted the government to focus more on domestic issues and leave foreign affairs to the foreigners. For energy matters, however, those two issues mix.
Gingrich and his supporters said a dramatic new way of thinking about U.S. energy potential would shield the North American economy from overseas turmoil. That's done little, however, to persuade U.S. refiners that they're the ones, not retailers or consumers, that have to cover the costs for price increases in the global energy market.
RECOMMENDED: US energy in five maps (infographics)
The Christian Science Monitor has assembled a diverse group of the best energy bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on the link in the blog description box above.