The price of crude oil neared $84 a barrel Wednesday, the highest posting in 17 months
, according to The news service attributes the jump to President Obama's announcement to reinstate offshore drilling.

According to, crude oil landed at $83.76 a barrel Wednesday, the highest since Oct. 9, 2008.

Wednesday morning, President Obama announced plans to lift a ban on offshore oil drilling, allowing for drilling off the coast of Virginia and part of the southern Atlantic coastline, according to reports by BusinessWeek.

The move reverses a ban of offshore oil drilling in areas other than the Gulf of Mexico. That policy was in place for more than 20 years, the Associated Press reports. The President's announcement also included protecting planned oil drilling sites in Alaska, including the state's Bristol Bay.

Analysts told CNNMoney that we shouldn't get excited yet, as it will take some time for the offshore drilling news to affect supplies.