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NASHUA, N.H. — With his re-election fate increasingly tied to the price Americans are paying at the gas pump, President Obama asked Congress on Thursday to end $4 billion in subsidies for oil and gas companies and vowed to tackle the country's long-term energy issues while shunning "phony election-year promises about lower gas prices".
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"If we get some kind of explosion — like an Israeli attack or some local Iranian revolutionary guard decides to take matters in his own hands and attacks a tanker — than we'd see oil prices push up 20 to 25 percent higher and another 50 cents a gallon at the pump," said Michael C. Lynch, president of Strategic Energy and Economic Research.
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With Venezuela's oil production returning to normal and Saudi Arabia still pumping furiously, the president of OPEC, the oil producers' cartel, fretted publicly this week about an oil glut and a price collapse.
"Tonight I'm gonna get drunk, listen to James Brown and at midnight I'll say: 'I feel good!'" Mourad Boudjellal, Toulon's president, pumps up the volume after his side's Heineken Cup success.
Local support "Already, with UNICEF's help, we are organizing the tender process which will see contractors selected by villages to maintain pumps," said Vice President of the regional council Onhué Ouattara.
To be sure, they are supposed to, as the president insists, pump dollars into the hands of cash-starved Americans whose spending will jump start the economy.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com