Why are gas prices so high?
February 27, 2012
Gas prices are soaring again and could bite into consumer spending and the recovering economy. High prices at the pump could also hurt President Obama’s chances at re-election. Experts think that prices, now averaging around $3.58 a gallon, will reach $4 by the summer. Republicans have used the opportunity to attack the President, placing blame on his energy policies that they say have suppressed domestic oil production. But what is behind the rising prices and can the President do anything about it? Marty talks with two energy experts who closely follow the world oil markets: ROBERT KAUFMANN is a professor of Geography and Environment at Boston University and AMY MYERS JAFFE is director of the Energy Forum at the Baker Institute.