Members of the US House of Representatives last week proposed legislation that would open up more areas for oil drillers offshore, Graeber writes. Lawmakers say getting more work done in the Gulf of Mexico would ensure energy independence.
Students at college campuses are calling on administrators to divest from fossil fuels in an effort to curb the effects of climate change. But schools are wary of doing away with some of their most profitable assets.
Total petroleum deliveries for August 2012 were at their lowest level for the month in 15 years and domestic oil production followed similar trends, according to OilPrice.com.
Rapidly rising oil prices, and fears it could harm the US economy, make tapping the strategic reserves a tempting option. But analysts say it would work only for the short term.
Gas prices are 14 percent higher than a year ago, though US demand has risen only 0.7 percent. So what – or who – is driving up prices? The Heritage Foundation points a finger at Obama's environmental policies.