Clean Energy Program | Memo
Déjà vu All Over Again: Why We Face More Pain at the Gas Pump
Gas prices are rising higher, far earlier in the year than usual in the United States.
According to the Energy Information Agency, it cost 34 cents more on average for a gallon of gas in February 2012 than it did one year ago. In fact, in inflation-adjusted dollars, the last time gas prices were this high in the United States was at the beginning of the last century, just as a major war was winding down. It was 1918.
So why are prices jumping?
Contrary to what some in Washington are saying, it’s not due to a lack of domestic production, rampant speculation, or the absence of the Keystone XL pipeline.
In this memo, we explain why gas prices keep going up – and why some of the favored rhetoric to try to solve it are not likely to bring prices down at the pump any time soon.
Free for re-use with attribution. Check out our Issuu library to find embed code for your website or blog.