It is no secret that here in America, we are subject to the gas and oil prices. Recently the rebel forces in Eastern Libya exported their first shipment of crude oil by themselves. Already we can see the effects of the instability in the region reflected in our gas prices which have this year shot back up to the record levels we experienced a few years ago with $4.00 per gallon
We can see that the main provider of oil to the US from the Middle East is Saudi Arabia, a country that has not had any major protest like the ones in Libya or Egypt. However, investors who use speculation to guide their oil investments have caused the price of gas to spike by buying up the oil commodities raising the question here in America of should we tap into the national oil reserves to help ease the pain felt at the gas pump.
Cheap gas has run our economy for a while now. If oil suddenly spiked beyond normal prices our recovery from the recession could be brought to a screeching halt. Areas in the country that are already seeing high unemployment rates would . The US dollar is already falling compared to the rest of the world. If it falls too far the world might start using a different currency to measure the price per barrel of oil and that could end the rule of the Dollar.