Today has been one of those days when a story on a single topic develops from all angles; so much so that I could have devoted an entire newscast to that topic. Not wanting to do that on-air, I'll focus my attention here. The topic: oil.
The House of Representatives approved a bill Thursday that would require the opening of areas off the Virginia coast for oil drilling within a year. Details here
While the House was voting on the bill, Governor Bob McDonnell was visiting a gas station in Henrico to push Congress and the President to end the drilling moratorium. The governor said oil exploration would help reduce America's dependence on foreign oil and would generate revenue. However, the Washington Post reports Virginia would not earn royalties under the measure. Details here
Meanwhile, some analysts were predicting job growth in April could be hurt by the rising cost of gasoline. It turned out to be unfounded; the Labor Department reported the economy added a better than expected 244,000 jobs. Details here
And the price of oil fell by $9.00 per barrel on Thursday in part, analysts said, due to reduced demand for gasoline. The reason for lower gasoline demand? You guessed it...the high cost of gas. The AAA's Fuel Gauge Report lists the average price for a gallon of self-serve regular at $3.98, the first time in weeks there has not been a day-to-day increase. Details here
Neat how all the pieces fit together, isn't it?
FuelGaugeReport.com
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