The Oil Crisis at a Glance

Here's what you need to know:
The image to the left displays the price of gasoline (per gallon in $USD) in different countries around the world. Meanwhile, size of each country is proportional to the amount of oil it controls. While oil-producing nations such as Venezuela and Iran are able to keep prices low (at $0.19 and $0.42 respectively), some nations are suffering greatly from the oil crisis. In Sierra Lione, a gallon of gas costs as much as $18.43. The average price for a gallon of gas in the United States is $4.11.
Check out stats for energy costs past, present, and future here.

The Latest on the Oil Crisis:

In a letter to President BushPresident Bush, House Speaker Nancy PelosiNancy Pelosi urged him to make available oil from the government's emergency oil reserve, which currently contains 702 million barrels of oil. According to Pelosi, releasing barrels from the reserve is a necessary measure in order to prevent the recession being caused by skyrocketing oil prices. However, the President has thus far been unwilling to tap the reserve, saying that despite the price of oil at a record $137 a barrel, there is no emergency in oil supply. He maintains that only in the case of a supply shortage should the reserve be an option.

The Bush administration has authorized the use of the emergency reserve oil twice before, and in each case, the effect was revitalizing for the economy. So far, President Bush has agreed to stop daily shipments of 70,000 barrels to the reserve, but the decision to open it does not look promising.

5 Ways to Save Money On Gas:

1. Compare prices online before leaving the house at http://www.aaa.com or http://autos.msn.com/everyday/gasstations.aspx.
2. Carpool - you save time and money in the fast late.
3. Don't tailgate - you waste extra gas in constantly speeding up and slowing down
4. Avoid driving standing still. If you know you'll be waiting a while, switch off your engine.
5. Don't drive above 60 mph. Says AAA spokesman John Townsend, every 5 mph above 60 costs approximately 20 cents more per gallon.