And what can Washington's policymakers and President Obama do about them?
The price of a gallon of regular gasoline in the United States is hovering around $4, while global oil prices remain at about $100 a barrel. Lawmakers on both sides of the aisle bicker about what can and cannot be done to lower oil prices and thus the cost of gas. Indeed, the amount of political rhetoric correlates to the rise in the cost of gas. Experts caution that no single action that Obama or Congress takes can sway the global oil market or domestic gas prices. But certain long-term policy decisions have proven to make some difference.
What factors go into the rise and fall of global oil prices? And what is the relationship to the cost of gasoline in the United States? What role, if any, do lawmakers and the president fill in controlling the market?