Now at $3, Obama’s proposed climate bill and environmental regulations will push it higher still.

Stephen Dinan and Kara Rowland at Washington Times report:

Gas prices have risen $1 since just after President Obama took office in January 2009 and are now closing in on the $3 mark, prompting an evaluation of the administration’s energy record and calls for the White House to open more U.S. land for oil exploration.

The average price per gallon across the U.S. hit $2.81 this week, according to the Energy Information Administration. That was up from $1.81 the week of Jan. 26, 2009, just after the inauguration, and marks the highest price since Oct. 20, 2008.

John B. Townsend II, a spokesman for AAA Mid-Atlantic, said price increases are a result of the cost of crude oil, thanks to a decision by the Organization of the Petroleum Exporting Countries not to raise production even as economic growth in countries such as Russia and China spurs more demand.

“From all indications, we’re going to see $3 gas again this summer,” he said.

The Obama administration also blames the market for the high prices and argues that its record for expanding energy development has been solid over the past year.

“The prices are set by the world market,” said Kendra Barkoff, a spokeswoman for the Interior Department, which manages federal lands that would be leased for oil exploration.

Gas prices have been on a roller-coaster ride over the past decade, dropping to near $1 after President George W. Bush’s first year in office, crossing the $2 mark in 2005 and reaching $4 in June 2008 before Congress and Mr. Bush took action, lifting presidential and congressionally imposed moratoriums on expanding offshore drilling on the Outer Continental Shelf.

Mr. Bush lifted the presidential moratorium in July that year. The congressional moratorium expired Sept. 30, and prices fell precipitously, dropping more than $1 in October.

“The reason that it dropped is because the U.S. sent a signal to the markets, by dropping the moratoria, that we’re going to drill on our lands. Obviously, we never followed up, and thus you see the crisis gradually rising,” said Rep. Doc Hastings of Washington, the ranking Republican on the Natural Resources Committee.

He said the solution is the same for both the short-term and long-term prices: Assure the markets that the U.S. will pursue domestic exploration.

FULL STORY

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