Why are Gas Prices skyrocketing under Obama?

President Obama has completely shut down the existing oil drilling infrastructure in the United States. He also placed a seven-year ban on drilling in the Atlantic and Pacific Coasts and Eastern Gulf of Mexico.

People who need oil and people who speculate on oil can pretty much predict the value, by the conduct of the administration.

You see, Ever since the oil rig spill (which spilled less oil than the natural oil seeps in the ocean for a day) the Obama administration has banned all drilling permits, not only in the Caribbean, but on both coasts, and the north shore.

Still trying to blame the President for everything?

Sorry, that won't fly.

Unless you've been living under a rock (or more likely your mother's basement) you should know that the Middle East, the majot provider of crude oil is in political turmoil at the moment which is causing a jump in the price of crude, which translates into higher prices at the pump.

Now you can rest easy knowing the President had NOTHING to do with it.

Because qaddafi Is being a snob and a cruel dictator to libya and US he wants us to pay a lot for gas and loses our lives and start a war this Is all a game not to obama but to qaddafi so It ain't obama's fault at all blame libya not obama for the rising price of gas.

For the same reason they skyrocketed under Bush. OPEC milking us for all we are worth. OPEC needs a weak USA and a weak Europe to advance themselves.

It was as high if not higher under Bush administration too.

I am not an Obama fan, just a realist.

The Obama EPA has added costly new regulations to refineries in the name of global warming.

LIBYA. All of the turmoil in the Middle East where we get our gas from causes the inflation of gas.

GREED GREED by OIL TRADERS (Traitors)

http://www.eia.doe.gov/aer/eh/eh.html

http://www.ioga.com/Special/crudeoil_Hist.htm

http://en.wikipedia.org/wiki/Oil-storage_trade

http://www.allbusiness.com/mining/oil-gas-extracti...

From what I can find and it took some digging for this data & its somewhat out of date but could be characterized as atypical "Total costs up to the loading of the crude oils for export,Including Saudi Aramco's administrative costs, piping and terminalling, are now said to aver.about $2.80/b,up from less than $2.50/b in 1993. Costs were reduced as a result of reorganization & cost cutting measures That's $ 2.50 per barrel as of 1993 at that time oil acquisition costs was average 16.74 +/- a barrel I doubt the cost to extracting oil has increase so the rest appears to be profit for oil traders and spectaculars for commodity contracts

Here is more proof speculators are driving the cost of oil upward"The oil-storage trade is a trading strategy where oil tank owners and companies that lease storage buy oil for immediate delivery and hold it in their storage tanks, then sell contracts for future delivery at a higher price. When delivery dates approach, they close out existing contracts and sell new ones for future delivery of the same oil. The oil never moves out of storage. Trading in this fashion is only successful if the forward market is in "contango", that is if the price of oil in the future also known as forward prices are higher than current prices or spot prices. Storing oil became big business in 2008 and 2009, with many participants - including Wall Street giants such as Morgan Stanley, Goldman Sachs or Citicorp - turning sizeable profits simply by sitting on tanks of oil.It has been estimated that one in twelve of the largest oil tankers are being used for the storage,rather than transportation of oil, and that if lined up end to end, the tankers would stretch out for 26 miles.

What happened in Egypt needs to take place on Wall Street the oil traders (TRAITORS) are the only one driving up the price of oil through greed and speculation to profit and the rest of the countries misery OIL needs to be removed from commodities invest in gold, silver, ect because the

dollar will be worthless if oil goes to what it was in 2008 and people having to pay $4 to $6 for a gal. the U.S. economy will implode and collapse and then the world will be in a super depression that it will never recover from. Stock up of food stuffs now many millions Americans are angry as HELL at WALL Street OIL traders (TRAITORS) Millions of unemployed and hungry may flood into New York City Wall Street and Washington DC demanding justice I am angry as hell that this is happening again at Wall Street did not learn anything from the Great recession the crooks OIL TRADERS caused the last recession with the run up in oil Mark my words oil traders the country is angry as HELL at you Note Jimmy Carter put oil on the commodities oil was not always futures traded WE ARE ALL DOOMED: the federal gov't needs to stop allowing runaway speculation on oil & essential basic crops.To not control this speculation will result in our economy floundering once again, and countless thousands starving. Where is our governments conscience? Stop this speculation NOW!!!.

The same reason they skyrocketed under Bush.