Poll: Skyrocketing Gas Prices Tank Obama’s Approval Ratings, $300.00 Per Barrel Of Oil Possible
Oil prices are continuing to spike, boosting gasoline to $5 a gallon in the nation’s capital and helping to push President Barack Obama’s approval rating to an all-time low.
Crude oil for June delivery rose $1.19 to $109.47 a barrel in early Wednesday trading on the New York Mercantile Exchange, and by 11 a.m. had spiked $2.43 to $110.45.
At least one gas station in Washington, D.C., was selling its cheapest grade of gasoline for $4.99 a gallon on Tuesday, with higher grades selling for $5.09 and $5.19.
Obama’s approval rating, meanwhile, has plummeted to 41 percent in a Gallup poll, the lowest number yet of his presidency, and a Washington Post/ABC News poll released on Tuesday showed him with a 47 percent approval rating, down seven percentage points since January.
Read the rest here: Poll: Skyrocketing Gas Prices Tank Obama’s Approval Ratings.
Meanwhile, across the pond, the Saudi’s have cut oil production by 800,000 barrels a day and are tightening their relations with Russia and China.
Despite the disruption of oil exports from Libya, Saudi Arabia’s oil minister said on Sunday that the kingdom had slashed output by 800,000 barrels a day in March due to “oversupply.”
The move sent “a strong signal that OPEC will not act to quell soaring prices,” Reuters also reported.
Even more ominously, the former Saudi oil minister has warned that oil prices could soar to at least $200 or even to $300 a barrel if Saudi Arabia suffers serious from the political unrest that has gripped Libya and other nations in the Arab world.
Why should Opec move to cut prices? I’m not defending Opec but lets be real.
This is all caused by Obama’s policy, or lack there of, in the mideast region.
The Saudi’s are fuming at Obama for the way he treated a long trusted ally Hosni Mubarak by throwing him under the bus and now they are nervous about the situation in Libya.
Why would they help Obama by increasing the amount of production?
Given the current state of the US and Saudi relations in the wake of the Egyptian fiasco Obama doesn’t have the clout to persuade them to open the spigot and the Saudi’s have no real incentive to increase production.
This New York Post article by Michael Goodwin hits the nail on the head when it comes to how bad the situation really is.
Egypt is the largest and most important Arab country to both the United States and Israel, and its decision to move closer to Iran is a potential disaster that can only be read as a lack of confidence in American leadership. For the same reasons, a miffed Saudi Arabia is trying to improve relations with Russia and China.
Obama is throwing money at the war in Libya with no plan and potentially funding terrorist in the process.
Obama has pushed for the removal Murbarak without a successor leaving Egypt in uncertainty.
Egypt is now forming ties with Iran and soon will visit Hamas in the Gaza Strip to build relations.
Saudi Arabia looks towards America and seeing a leader that can’t be trusted, flee to Russia and China to shore up relations with them.
$4.00-$5.00-$8.00 a gallon of gas will be the least of this nation’s worries after all the headaches from the mideast come to fruition.
The Democrats and their leadership once again have caused major foreign policy issues that will plague this nation for years to come.
Congratulations Democrats, you’ve done it again.