Its about $3.80 here in North Carolina, I shed tears every time go to the pump. Compared to Europe, our gas is still relatively cheap. Contrary to popular belief the unrest in the Middle East isn't driving up oil prices, Saudi Arabia has increased its output to compensate for the drop in Libya's output. The increase in price is due mainly to excessive speculation.
Senator Bernie Sanders put out a statement citing a report produced by Goldman Sachs, part of that statement said, "According to Goldman Sachs, 20 percent of the price of crude oil is due to excessive speculation. Other experts believe that excessive speculation is driving up crude oil prices by 50 percent. This means that Americans are paying a Wall Street premium of between 70 cents and $1.63 a gallon every time they fill up their gas tanks."
This seems like the most logical explanation to me because I've been hearing reports from people in the Middle East that oil tankers are lined up at the docks, if there was a shortage of oil this wouldn't be the case.
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