Oil reached $80 a barrel Friday, a seven-year-high that threatens to increase energy costs for millions of Americans at the gas pump and during the upcoming winter heating season.
“NYMEX crude has gained over 60% this year. Brent, the global benchmark, hit the $83 level and has gained over 58% this year,” Fox Business reported.
In addition to its effect on consumers, higher crude prices further reflected that the United States was trailing behind as a worldwide energy leader.
“We became the largest producer of oil and gas in the world, were larger than Saudi Arabia, were larger than Russia. And that was an important accomplishment for America and for the American people to have that reversed in so short a time, it is