Concluding that gasoline prices will push up inflation only temporarily, the policy-making committee of the Federal Reserve today held the benchmark federal funds rate at zero to .25 percent “at least through late 2014.”
President Obama today took on GOP opponents on the hottest issue of the moment – climbing gas prices – by touting a report showing that oil imports decreased in 2011 by one million barrels a day.
As the U.S. price of gasoline is nearing or passing $4 a gallon, 70 Democratic House and Senate lawmakers sent a letter to the Commodity Futures Trading Commission urging the regulator to enforce certain limits on speculative trading in oil futures.
Deflecting an already rising tide of criticism over gas prices, President Obama warned the nation that there are “no short-term silver bullets” to solve the problem. But the President also said his administration is considering all options and areas in which the government can make an impact on oil markets.
A still rising demand for used cars and truck, along with a decline in their supply, will result in higher prices in 2012, according to the National Automobile Dealers Association (NADA) Used Car Guide.
The first day of trading for 2012 saw a stark reminder of the volatility of oil prices and how events in the Persian Gulf region could hike costs for American consumers at the pump. Analysts expect the average pump price to rise to $4 a gallon again this spring.