On the recordMay 12, 2008
On Friday, oil hit yet another record high. I do not know what it is today. It dropped 50 cents last night to more than $125 a barrel. But on Friday it was above $126 a barrel. If it drops--which we hope it does--to $110, $105, $100, $90, $95, it should not be a day of celebration. Oil is a difficult problem for our country. The average price of a gallon of gasoline in America today is now above $3.60 a gallon. That is the average. In Nevada, it is more than $3.80 a gallon. Diesel--the fuel that moves the goods we buy--has hit $4.15, on an average, around the country. Seven years ago, when President Bush took office, the average price for a gallon of gasoline was about $1.50. Now it is 2 rac{1}{2} times more than that. At first, the steady rise of gas prices was a nuisance. Then it became a burden. Now it is a full-blown crisis. More than 7 in 10 Americans now say gas prices have created financial hardships in their lives. Nevadans are paying, on average, $3,000 more per year for gasoline than they did 7 years ago. Millions of working people all across America are now spending the first few hours of their workday earning back what they paid for their commute. It costs more than ever to heat and cool our homes. Everything costs more. We have a problem with these people who are paying--in Nevada, $3,000--more than they did 7 years ago for gasoline. It affects their house payments, car payments, their medicine, whether they can send their kids to college.
Source
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