Unfortunately, at the same time foreign supplies are falling, domestic production is being curtailed by policies of President Barack Obama's administration.

Editorial, Detroit News
Disruption in Middle East oil supplies makes it necessary to ease restrictions on domestic production
Gasoline prices are jumping toward the "Oh my God!" level, and if they continue upward, will soon have an unpleasant impact on consumer behavior. An economy still struggling to recover can't afford for Americans to get nervous about spending.
High pump prices have that effect. The huge 2008 run-up in oil prices throttled consumer spending, hitting the automobile industry -- and thus, Michigan -- particularly hard.
The turmoil in the Middle East has pushed oil above $100 per barrel again, and gasoline prices are following suit. In Metro Detroit, many stations are posting prices above $3.30, with predictions that they will move higher unless oil supplies increase.
Unfortunately, at the same time foreign supplies are falling, domestic production is being curtailed by policies of President Barack Obama's administration.
Rest of the story.

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