It's Your Money

Mar 8, 2011 11:29 PM by John Romero

Gas prices still on the rise

It seems every week you're paying more at the pump. One of the worst areas hit, a gas station in Florida near the Orlando International Airport. The price? Try $5.39 for a gallon of regular! Here in Southern Colorado it's not as bad, but we've still seen an increase over the last month of about 33 cents per gallon.

With prices rising due to tension in the Middle East, the White House is looking at the possibility of tapping America's Strategic Oil Reserve to bring down prices.

"We are looking at the options. The issue of the reserves is one we are considering. It's something that only is done and has been done in very rare occasions," explains White House Chief of Staff William Daley. The last time that happened was during the aftermath of Hurricane Katrina.

For another opinion we talked to Republican Congressman Scott Tipton of Colorado. He says there's a better way to help the situation, and it starts right here at home.

"We can reinvigorate our economy and help serve American energy needs by reinvigorating energy development on the Western Slope of Colorado and doing it responsibly," he says.

Tipton believes the oil here and further west could help make the U.S. much more energy independent which would lower our gas prices.

"When we look at the entire region in the Western United States, the US Geological Service has stated that there's 1.6 trillion barrels of oil," he explains. "Enough oil to run the United States for more than 200 years."

Still most of the focus now revolves around the conflicts in Libya. The White House has said if America can help settle that, you should not being feeling as much of a pinch the next time you fill up.



»Topics in this article

Most Popular

Top Videos

1 2 3 4