Gas prices are spiking once again; the cost of a gallon of regular
unleaded is about 12 percent higher than it was a year ago. But winter
typically isn’t the time for a rise in gas prices. Demand for gasoline
is at a 14-year low and domestic oil production is at an eight-year
high.
Some analysts link the increase in gas
prices to the tensions in Iran and speculators on Wall Street. Others
point to policy decisions limiting drilling in environmentally sensitive
areas, as well as President Obama’s decision to deny a permit for a
massive oil pipeline called Keystone XL.
The
proposed pipeline would travel 1,800 miles from Alberta, Canada, all the
way down to the Gulf Coast. The controversy over its impact —
environmentally, politically and economically — makes it prime election
issue.
