Prepare for a new era of oil shocks

The threat of higher oil prices, taking the world into uncharted territory, is unlikely to abate. And the most popular actions to reduce US oil pressure are not the ones likely to ease prices.

Oil prices are up. Barack Obama is to blame. Drilling in the US is the solution. This is the mantra from the president’s opponents. All presidents tend to get the blame for high fuel prices. But with the price of gasoline nearing $4 a gallon, Obama is getting it by the barrel load.

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