We as a country had a great opportunity to develop a more stable energy supply through the Keystone Pipeline project. We know that became political theater for the Obama Administration and thus the rejection of it. Thus a great source of economic freedom for our economy becomes more economic illiteracy by our government.
Here in Connecticut elected officials can not wait for the increase in gas prices as it creates a tax boom for the state through the still secret gross receipts earnings tax on gasoline which increases as the price of gasoline increases. More money will flow into Hartford to keep spending as quickly as possible.
In its most simplistic terms higher gas prices will further our recession and cause consumers to spend and save less each week as gas prices continue to grow. It is nothing new as we have had only 39+ years to become energy independent. And it will be 39+ more years before anything is done about it.