Gas Prices To Reach Record Highs
August 30, 2012 by Sam Rolley
According to estimates from AAA, an explosion at a Venezualen oil refinery and the effects of Hurricane Isaac are driving the price of American fuel through the roof leading up to Labor Day.
On Wednesday, gas prices shot up an average of 5 cents per gallon throughout the Nation. At a national average of $3.80 in the reading released Wednesday, gas is at its highest level since early May. Wednesday’s was the biggest one-day spike in prices since February 2011, when conflict in Libya threatened oil supplies.
Some analysts expect gas prices to reach national averages of $4 per gallon by the end of September, which could become a key topic in the upcoming Presidential debates. The first debate is scheduled to take place on Oct. 3.
There is some speculation that President Barack Obama will release supplies of the Nation’s Strategic Petroleum Reserves in order to ease political liability for the high gas prices.
“Given this administration’s belligerent rhetoric against the oil industry, it’s going to be very easy for Romney to pin the blame on Obama,” Stephen Schork, president of Schork Group Inc., told Bloomberg. “The White House will be on the defensive. It makes an SPR release likely sooner rather than later.”