But hey, good thing we’ve decided not to allow more oil exploration here at home, huh? It’s much better to pay $4 a gallon or more at the pump — money that will go to line the pockets of such American allies as Venezuela, Libya, and Saudi Arabia. So much better than creating American jobs and lowering the cost by increasing the supply.

“I don’t think Libya alone will take us to $150 a barrel, but, if unrest spreads in the Gulf countries, we could easily get there. That is why it is imperative the Saudis release some extra barrels into the market now to calm the situation, rather than simply trying to talk the price down,” said Edward Meir, an analyst at MF Global in New York.

In London, ICE Brent crude for April delivery gained $4.01, or 3.8 percent, at $109.79 a barrel. Earlier, it touched a session high of $110.35, the highest since September 2, 2008, when prices hit $110.45.

In three days, the Brent contract has surged nearly $8, or 7.8 percent, the biggest three-day percentage advance since February 2010.

In New York, the new front-month, April crude rose $2.48, or 2.6 percent, to $97.90 a barrel. It earlier reached $98.07, the highest intraday price since October 2, 2008, when prices hit $100.37.

Since resuming trading on Tuesday, following a long holiday weekend, U.S. crude has advanced nearly $12, or nearly 14 percent, the biggest two-day percentage gain since January 2009.

This is why domestic exploration is so important. We can’t rely on stability in countries like Libya and Saudi Arabia to fuel our economy. And as much as greenies would have you think otherwise, we’re a long ways away from everyone’s car running on fairy dust and unicorn farts. Fossil fuels will be needed long into the future.

So why can’t we  drill here at home? Because it’s far more important for Obama and his Congressional allies to appease their psychotic green supporters than it is to stop our reliance upon foreign oil. Until that changes, we’ll be taking a beating at the pump.