Both that plan and one from the House are expected to include language to curb excessive oil-market speculation, which many lawmakers believe has artificially caused a spike in oil prices.
Federal regulators on Thursday rescinded drilling permits issued a day earlier to companies for new oil and gas wells in the Gulf of Mexico, prompting market confusion and a spike in oil prices.
Optimists see a brief conflict with only a temporary spike in oil prices.
Thus, the events in the MENA (Middle East, North Africa) regions and the resulting spike in oil became the trigger for the current pullback.
The working group was first set up last year when we saw a spike in oil prices and prices at the pump for Americans.
While worries in the Middle East have caused a spike, oil prices face longer-term pressure due to increased demand from China and other emerging economies.
An unexpected spike in oil prices in 2012, due to a stand-off - or worse - with Iran would be a problem for nearly everybody.
One reason for the spike in oil prices the experts say, is the fear that menacing America moves towards Iran may affect exports and petroleum futures.
Without a spike in oil or food prices - triggered by geo-political events or bad weather - the inflation picture in 2012 will be quite benign.
He thinks that its upstream activities are the best among the big companies, and that means it can boost its earnings even without a spike in oil prices.
Analysts cite that disruption, along with the potential for a full-blown conflict with Iran, as the main reason behind a 20% spike in oil and gasoline prices this year.
The second double-dip was precipitated by then Federal Reserve Chairman Paul Volcker pushing nominal interest rates to 19% to rein in runaway inflation sparked by a spike in oil prices.
Unlike most others, he saw that the Federal Reserve was inadvertently tightening in 1998--99, and he recognized that our central bank was overdoing monetary stimulation in 2004--06, the critical factor in the spike in oil prices.
But it is also true that eurozone crises or earthquakes that cause tsunamis in Japan or the spike in oil prices, or other events that affect the global economy have a negative impact on the American economy.
The causes of 1990-91 and 2007-09 were similar: Real estate collapse, stock market turbulence, financial engineering turkeys come home to roost, loan failures, taxes going up, a Middle Eastern war, a spike in oil prices and everybody de-leveraging at once.
The President is making these decisions based on the best interests of the country and the best interests of our economy, and the best interests of middle-class families that are weathering the storm of a spike in oil and gas prices.
WHITEHOUSE: Press Briefing by Deputy Press Secretary Josh Earnest
That is until the last few days, when the turmoil in Egypt spread to oil-producing countries and caused a sharp spike-up in oil prices.
The Europeans fear that an attack might persuade the Iranians to retaliate across the border in Iraq, as well as leading to a further spike in the oil price.
The effect of such an oil spike would be to line the pockets of OPEC nations (and U.S. wildcatters and Russian potentates) with greenbacks while applying a brake to any nascent growth in the world economy.
Husky doubled its earnings last year as a result of the oil price spike.
In the 1970s, it was the oil price spike that drove inflation, not money.
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"The oil price spike was caused by geopolitical issues that can be fixed or overcome, " says Lynch.
That is, unless the economy slows substantially and oil prices spike by more than a few dollars per barrel.
Mr Gore has already come out fighting, blaming the price spike on the Big Oil pals of his rival.
Finally, we reach near present-day where on President George W. Bush's watch the world saw the third great oil price spike.
The price of gas, the spike in the price of gas is related to the spike in the global oil market.
WHITEHOUSE: Press Briefing by Deputy Press Secretary Josh Earnest
The price of oil would spike until it forced severe demand destruction.
It did stumble a bit this week, spooked by the spike-up in oil prices created by the spreading unrest in oil-producing countries, notably Libya.
And that could be just what investors need to calm jitters that the oil price spike and the collapse of the U.S. housing market will bite tech.
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