Big 2 Energy Report - Conaway on Oil & Obama

Big 2 Energy Report - Conaway on Oil & Obama

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Drivers across the U.S.  are looking for ways to save on fuel as the price at the pump continues to rise. Many analysts predict we'll see prices reach the 4 dollar mark by this summer, some say it could be even sooner. While turmoil in the Middle East has, without a doubt, a lot to do with it. Some leaders in Washington say the current administration isn't doing enough to help.

When President Obama took office, the national average gasoline price was $1.83 per gallon. Today, it's over $3.50.

And it all comes down to this. "Gasoline prices right now are strictly based on the price of crude oil," says Hoxie Smith, Dir. of PPDC.

And this week, the price of crude has reached it's highest level in over two years. The price of oil is based on supply and demand and the prediction of supply and demand. So, uncertainty on what the near future holds in Libya and the Middle East is driving the price per barrel higher and higher.

It would seem that tapping into domestic reserves would be a simple solution. And that's what some republicans argue the Obama administration isn't doing.

"They're clearly not interested in drilling on American land, offshore, in Alaska or opening up areas where crude oil is available and should be being produced," says Rep. Mike Conaway, R-11th District.

And according to some republicans, it's clearly part of an agenda. Rep. Conaway says, "the policies they've put in place over the last two years demand and drive higher gasoline prices because it makes their other alternatives competitive in the market that wouldn't otherwise be competitive. "

While the Obama administration is considering tapping into the nation's strategic oil reserves, which consist of  727 million barrels, they say the price at the pump is not the only issue that would drive that decision.

"The issue here is disruption. Is there a major disruption in the flow of oil? That's an obvious factor. But I think the point we want to make is that we're very cognizant of the fact that Americans are experiencing a sharp rise in prices at the pump, and that affects them and their family budgets, and we are monitoring that very closely," says Jay Carney, White House Press Secretary.
In the meantime, Conaway says he and other republicans are promoting the "All of the Above" energy policy. He says it promotes making the resources here in the U.S. as part of our energy plan instead of relying on other countries for oil and natural gas.

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