Tension With Iran Adding $20-30 To Oil Prices: Obama [View all]

[Purveyor]

Source: Agence France-Presse

(AFP) – 2 hours ago

WASHINGTON — Tension with Iran and "uncertainty" in the region is adding a $20 or $30 premium to oil prices, pushing up gas prices for vehicle owners in the United States, President Barack Obama said.

"The key thing that is driving higher gas prices is actually the world's oil markets and uncertainty about what's going on in Iran and the Middle East, and that's adding a $20 or $30 premium to oil prices," Obama said in an interview with the American Automobile Association (AAA) published Friday.

Obama also said increasing demand for oil in China and India was driving prices.

"As more and more people around the world see their standards of living rising, they purchase cars, they have demand for oil, that creates a greater demand worldwide and that raises the price," Obama told AAA.

Read more: http://www.google.com/hostednews/afp/article/ALeqM5iromrVjCr0NFtRmfHLWJPI5we6Rg?docId=CNG.a052edb42ec06efab8b3a05902ed62aa.41

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Thanks Israel...indeed!