U.S. Gas Prices Soaring Again. Is Libya to blame or are we ?

The average price for U.S. gasoline  as of Friday 3/4/11 is $3.51. The price of gasoline increased .33 cents in two weeks the second largest increase in the history of the U.S. gasoline market. The biggest increase was .38 cents and was in 2005 when Hurricane Katrina devastated Louisiana and the oil refineries. According to the latest Lundberg survey this newest spike in gasoline prices is due to the unrest in Libya. The prices of gasoline have risen a staggering .82 cents since September 2010.

Hurricane Katrina , The Gulf Oil Spill , the conflicts in the Middle East  and who knows what's next. This is getting to become really old, when are we going to realize we need energy Independence ?  We need the big Corporations like General Electric ( GE ) and private investors like T. Boone Pickens to really step it up and take charge. How is our economy going to recovery if you can't afford to leave your house and afford anything because prices on everything are going up ?

The facts are the facts and our country and the wrest of the world are not in good shape right now. Technology  is advancing to fast and resources are running out faster. Those are to combinations that do not equal anything good. I feel like we are all going crazy we keep repeating the same mistake over and over again. Unfortunately you only get so many chances at anything before their are consequences.

CNN - Libya crisis sends U.S. gas prices up 33 cents in two weeks

Ny Times - Obama Said to Consider Tapping Oil Reserves

CBS - Libya forces try to halt rebel move toward capital

Bp suspends Dividend for the wrest of the year and sets up escrow account. Progress?

The Gulf of Mexico is still a mess, the oil is still gushing out but we are making some progress on dry land at least. President Obama held meetings today at the White house with the top heads of the Bp oil company. I am happy to report that significant progress was made and the public should feel a little better about this entire crisis. Bowing to tremendous pressure I believe Bp did the right thing and suspended its dividend to its share holders for the rest of this year. Bp is going to also set up a 20 billion dollar compensation fund which will be overseen by Kenneth Feinberg the same man who oversaw the 9/11 victims fund. In addition to that Bp is also going to set aside 100 million dollars for oil workers who have been out of work due to President Obama moratorium on drilling in the Gulf. To date Bp has already spent over a billion dollars between the clean up and compensating workers in the Gulf States that have been affected by the oil spill. Mr. Feinberg also received an endorsement from one on my favorite Senators from New York Charles E. Shumer. Senator Shumer said that Mr. Feinberg did an amazing job with the 9/11 victims fund and thinks the people in the Gulf will feel the same way. How do feel about today’s events and Bp suspending its dividend?

Ny Times - Bp agrees to create fund to pay for spill -http://www.nytimes.com/2010/06/17/us/politics/17obama.html?partner=rss&emc=rss&src=igw