Newt Gingrich said his recent campaign troubles came from consultants who wanted him to measure his words more carefully. Were they right? Or does he just need more cash?
Crude oil moved above $91 a barrel Friday, a day after the International Energy Agency announced it would release 60 million barrels of crude oil from reserves.
The administration's decision to release 30 million barrels of oil from the Strategic Petroleum Reserve is pure politics, say some. The White House says it's trying to offset a drop in Libyan light sweet crude – needed for gasoline – at the height of the summer driving season.
Energy Secretary Stephen Chu cites crude oil disruptions in Libya and elsewhere as reason to open the Strategic Petroleum Reserve now. Gas prices, however, have been falling in recent weeks.
Oil price drop: Thursday's oil price drop was the second largest one-day drop on record. Here is what triggers these drops.
Gasoline prices in the US now average over $3.50 a gallon, and may be heading for $4. Obama is considering a move to lower prices by selling oil from the Strategic Petroleum Reserve. But his actions say otherwise.
Gas prices are approaching $4 a gallon and oil prices are above $100 a barrel, leading politicians in Washington and statehouses to propose a flurry of legislation. Some proposals strive to quell voter angst while others might balance budgets by raising gas prices. Meanwhile, wind, biofuel, nuclear, and oil industries are lobbying Congress to support more domestic energy production. Many of the proposals are longer-range and thus unlikely to affect short-term gas prices, energy economists say.
Disruptions in supply could push up pump prices, as they did after Katrina.