On the recordApril 30, 2008
if you're afraid of the future, said Ronald Reagan, then get out of the way, stand aside; the people of this country are ready to move again. As with so many things, President Reagan was right. We cannot avoid real problems, gloss over pressing needs or, out of fear of something unforeseen, sit immobile until we are overtaken by inevitable results of our previous inaction. Americans are paying on average $3.62 a gallon, and by early summer, we're going to be at $4 a gallon. By the end of this year, it's projected oil will be at $180 per barrel, an approximate doubling in the space of 1 year. Why are we paying so much? Very fundamentally, it's a supply and demand issue. We need oil, but the supply is limited. This is frustrating in its own right, but it's truly maddening when you consider the supply of crude is not really limited and that we have additional resources available to us, but they have been locked up by Congress.
Source
govinfo.gov
