While we sit on abundant oil and natural gas reserves, prices at both the wellhead and the pump are rising on fears of spreading Mideast turmoil and short domestic supply. But then, maybe that's the plan.
The silver lining for this administration in the gathering storm over the Middle East may be what it's doing and may yet do to energy prices. The average price for gasoline jumped nearly 12 cents a gallon last week to $3.287, according to AAA. But at the White House, that's not necessarily bad news.
...John Hofmeister, former president of Shell Oil, told Platt's Energy Week Television that Americans could be paying $5 for a gallon of gasoline by 2012 based on the uncertainty of world events, the lack of domestic supply and increased worldwide demand fueled by countries like India and China.
Democrats once accused Big Oil of deliberately restricting supply to enrich itself. Now the Obama administration may be doing the same on purpose — a policy sure to impoverish us all. READ "Does Obama Want $8 Gallon Gasoline?