1-05-09 by dugan
Israel doesn’t produce a drop of oil, but that hasn’t stopped the price of crude oil and gasoline from rising sharply in the last week. (As far as speculative markets are concerned, any armed conflict in the Middle East is good enough.) According to the federal Energy Information Administration, pump prices for regular gasoline are up 7 cents nationwide for the week, to $1.684. California’s pump price is up 6.4 cents a gallon for the week, to $1.874. Since Dec. 15, the state average price has risen nearly 15 cents.
There’s typically some rise in the price of gasoline around the holidays, but with the recession and continued low demand for gasoline, it’s hardly a typical year. If prices keep rising, despite the lack of demand and in the face of worldwide recession, energy policy can’t go on the new administration’s back burner. Getting to "cheaper and cleaner" energy will require not just green technology, but oversight and regulation of both oil companies and energy markets.