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Obama to Outline Plans for Dealing With Oil Prices at Indy Parts Plant

Allison Transmission plant produces hybrid systems for buses and truck.

by on May.05, 2011

Pres. Obama during a visit to the Chevy Volt plant.

President Barack Obama is expected to address the issue of rising oil prices, on Friday, during a visit to a parts plant in Indianapolis that produces fuel-saving hybrid systems for buses and trucks.

The president is hoping to maintain the momentum offered by the weekend take-down of terrorist leader Osama bin Laden as he tackles one of the toughest issues facing the nation today.  With job growth faltering, some analysts believe near-record fuel prices are threatening to push the U.S. back into recession.

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Obama last week announced his goal of increasing domestic oil and exploration and production, while making automobiles and trucks more fuel-efficient and encouraging the switch to electric and other forms of alternative propulsion.

But the steady increase in fuel prices, now nearing $4 a gallon nationwide – and $5 in a few key markets, like Southern California – is becoming a short-term political liability.  At the current rate, oil industry analysts say, a gallon of regular could soon top the July 2008 all-time peak of $4.11.  And some are forecasting the figure may hit $5 before leveling off.