The price of crude oil is going to skyrocket thru the end of the year, according to the President of OPEC and Oil Minister for Algeria Chakid Khelil. He told Bloomberg.com a barrel of crude may hit $170 by the end of December.
Congressman Paul Ryan's (R-Janesville) reaction was "Wow." He calls it "galling" that the US has seven times more oil under our federal lands than Saudi Arabia has. " Ryan blames Congressional imposed moratoriums restricting access to these areas. The Janesville Republican says the US could dramatically increase the supply and lower the price of oil right away by lifting the moratoriums. He adds this will show the world market and OPEC that the country is committed to reducing the US dependence of foreign oil.
It's the leadership in Congress that's failing to do something, according to Ryan, who adds that speculators are only following the price for oil, not creating it.
(Contributed by Tom Karkow – WRJN)