Increasing prices on gas which are likely to soar above $4 this spring appear as a major issue in the presidential campaign. The gasoline price grew to $3.59 nationwide – an increase of 6.8 cents – comparing with the last week and such a jump threatens to crimp the rebounding US economy. According to the Energy Information Agency of the United States, this price is the highest since the middle of September. Moreover, the prices on gas are up 36 cents per gallon since the middle of December.
Basically, the gasoline prices jump ahead of the summer driving season, therefore, February occurred to be the earliest period when the price topped $3.50 per gallon nationwide.
Even though most of predictions are for higher gas prices, there is an expectation that they may drop for plenty reasons. Due to the warm winter, a sufficient portion of house heating is expected to be converted for use by motor vehicles. Besides, demand for oil may be also reduced due to the further European economic slowdown.
Obama’s Energy Policies Work
According to the Associated Press, president Obama is confronting the anxiety of Americans over the increasing prices on gasoline which may cause the need for consumers to apply for online cash loans to cover the cost. Thus, Obama draws attention to his policies related to energy and takes credit in order to raise gas and oil production, a greater mix of decreased consumption and energy sources.
Barack Obama aids concern that the price jump could reverse the economic gains of the country and the improved political standing of the president. The officials of the White House highlight decreased consumption and increased oil production as the evidence that the policies presented by Obama are really working and can lead to the greater energy independence in a long run. In addition, they stated that there is little the president can do to change the current price trajectory.