With gas costs high, Obama to speed oil production (AP) – 1473th Edition

14 05 2011

FILE- In this April 28, 2011 file photo, John Magel pumps gas at a station in Wethersfield, Conn. Consumers paid more for gas and food in April, lifting inflation to its highest level in two and a half years. But inflationary pressures have begun to ease in May 2011, and analysts say some prices could taper off by summer. (AP Photo/Jessica Hill, file)AP – Amid growing public unhappiness over gas prices, President Barack Obama is directing his administration to ramp up U.S. oil production by extending existing leases in the Gulf of Mexico and off Alaska’s coast and holding more frequent lease sales in a federal petroleum reserve in Alaska. But the moves won’t calm spiraling prices at the pump any time soon.

By us.rd.yahoo.com
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