Low supplies drive pump hike
Oil prices are back above $100 a barrel, and that will hit U.S. motorists at the gasoline pumps.
A recent price increase, to $103.04 a barrel for benchmark U.S. crude oil, came after energy analysts released a report showing American oil stockpiles have dropped by a whopping 10.3 million barrels.
In other words, we need all the oil we can get.
A very substantial supply of it could come from Canada, through the proposed Keystone XL pipeline. But President Barack Obama continues to block construction of the petroleum artery.
This week’s news should prompt him to give Keystone XL the go-ahead. If he will not, Congress should overrule him.