In America, gas prices have become part of the Presidential campaign, and Obama has promised to step up the effort to increase domestic supplies. The reason? Gas prices are now above $4/gallon (about €0,80/liter). You might think this is cheap – in the US, it’s a lot. The main reason that the gas price has soared to these levels is that the price of oil has gone up. It now hovers around $110/barrel, which is a lot higher than historical prices, and high oil prices translates into high prices at the pump.