$6 Gas Possible by Year's End

Speculation is driving oil up, and that's a concern for consumers, economists

(NEWSER) - Oil prices have jumped 16% in two weeks, and analysts tell the Christian Science Monitor the run-up couldn't come at a worse time. As the US economy flirts with recession, beleaguered consumers could end up spending their economic stimulus checks to cover even higher gas prices. The $101.32 per barrel oil gushed to yesterday is attributed to cuts in production and fears that OPEC may trim output further at its meeting next month More»

President testing leaders' pulse on lowering gas prices

(NEWSER) - With Americans facing spiraling prices at the gas pump that could threaten a nascent economic recovery, President Obama and British PM David Cameron yesterday chewed over the possibility of tapping the Strategic Petroleum Reserve. The president has taken a drubbing both in approval ratings and from Republicans quick to blame his energy policies, and faces a tricky balance between achieving real relief and accusations of playing election-year politics. No agreement was reached, but Obama is likely beginning to test global leaders' appetite for such a move, notes Reuters . "We will continue to work together to address energy security and oil price issues," says a senior White House official. It could be months before a decision is made. More»

Sure, policy affects things ... eventually

(NEWSER) - As gas prices rise, President Obama's approval rating falls , which makes sense, because those painful numbers at the pump are all his fault, right? Wrong, say oil experts and economists. The Washington Post breaks down their arguments:

• Policy: It definitely affects things, but it takes a long time for that to happen. Cars can take a decade to turn over, for instance, so tightening fuel efficiency rules doesn't kick in immediately. One expert notes that legislation George W. Bush signed in 2007 is helping stop the "current situation from getting worse."

Recent posturing has already sent price up 20%

(NEWSER) - Going to war with Iran would be an expensive proposition for America's drivers. Tensions over the country's nuclear ambitions have already pushed crude oil prices up 20% to a record winter high, energy experts tell the New York Times . That's translated to an average $3.73 per gallon at pumps nationwide, with prices well over $4 in California. Summer usually pushes prices around 20 cents higher, but tensions with Iran could tack on an extra 50 cents or more. More»

But warns there's no 'quick fix' to rising gas prices

(NEWSER) - The Obama administration is open to using the strategic petroleum reserve if necessary to deal with rising gas prices, Timothy Geithner said in a CNBC interview, though he didn't sound terribly enthusiastic about the prospect, and warned that there was "no quick fix" to the problem. Gas prices are up 12 cents this week, and indeed shot up 3.5 cents overnight to a national average of $3.65, CNN reports. Geithner attributed that to improved growth expectations in the US, "and also Iran is doing a little saber rattling." More»