Gasoline prices are up. Have you noticed? Pump prices are up 20% in the past month and wholesale prices are up 140% since Christmas Eve, according to the Associated Press.
OPEC leaders kept production stable with inventories at an all time high. Production cuts could have spiked prices, delaying an economic recovery which would have reduced the world’s capacity to pay for oil. OPEC doesn’t want that to happen.
OPEC supplies about 40% of the world’s crude oil.
Folks, those of you that regularly read this blog know that I support alternative energy development because I believe alternatives are vital to U.S. national security and economic strength. All you have to do is read the second paragraph of this story to recognize the power that OPEC has over the world’s economies.
Most Americans either came from ‘over there,’ or are descended from people that came from over there to seek the freedom of the United States. Alternative Energy will help us keep that freedom.
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why are gas prices up?!