Obama Speaks to Nation About Rising Gas Prices
March 7, 2011, San Diego – Obama addressed the nation this morning about rising gas prices. Here is a summary of what he said…
‘In an economy that relies on oil, everybody is effected by the recent rises in gas prices – farmers, truck drivers, restaurants, doctors, lawyers. Businesses feel it in their bottom line and consumers feel the pinch at the pump. For Americans already facing tough times, it’s a new burden.
Today as global demand is increasing, and turmoil in North Africa and the Middle East escalates, gas prices are rising again due to tightened supply.
But rising gas prices are not a new phenomenon. Three years age before the recession hit, a combination of factors including rising demand from China, gas rose to $4 a gallon. Then worldwide recession and a decrease in demand pushed prices back down.