OK, so world oil prices are spiking as Mummar Qaddafi goes on a shooting spree against his own citizens. Traders are now talking about $4 gasoline at the pump.
That could look cheap a year from now. And it won’t only be because of deranged lunatics in the Middle East.
Last summer former Shell CEO John Hofmeister predicted that President Obama’s drilling moratorium alone could result in $5 gallon gas for American consumers.
“Politics is destroying our own domestic oil industry,” Hofmeister told CNBC.
Want to see a real political crisis for President Obama? Just wait until prices are screaming at the pump.