Obama speaks strongly about American energy independence through conservation.

In his brief speech on energy today, President Obama addressed the conservation side (i.e., car mileage standards, weatherizing homes and government buildings, better transmission lines), saying nothing about nuclear power or offshore drilling. Further, he proposed to saddle the auto industry with increased fuel economy standards.

As it becomes clear that Obama's nod last summer in favor of drilling was a feint, oil prices are rising. According to CNBC, at over $50 a barrel, they are now above their 50-day average.

UPDATE: Most oil futures have now dropped below $50 a barrel, down (so far) for the day.