ANNANDALE, Va., April 20 (UPI) -- There's plenty of oil on the market to meet consumer demand meaning speculators are in part to blame for rising prices, the U.S. president said in Virginia.
Crude oil prices are at two-year records in part because of economic recovery in major markets and turmoil in key oil-producing states such as Libya. The price per barrel of oil has made its way to the gas pump where U.S. consumers are paying around $4 per gallon and $10 per gallon in some European markets.