The only way to reduce gas prices is to drill for more oil.

Russ Steele

Yes, I know President Obama said that we cannot drill our way out of higher gas prices.  If the issue is supply and demand, then drilling produces more supply, then the prices should decline. In the past when there was a glut on the market the price when down to $10 dollars a barrel.

Look I am no oil market expert, and neither is Obama, but here is one expert that you may want to give some of your attention:  He can show that the oil prices followed the S&P for the last three years and there is no risk build in to the price

“Right now the key thing that is driving higher gas prices is actually the world’s oil markets and uncertainty about what’s going on in Iran and the Middle East, and that’s adding a $20 or $30 premium to oil prices,” President Obama said March 23. It’s complete and utter nonsense. Oil is trading in lockstep with expectations for economic growth, as reflected in stock prices. There’s not a shred of evidence that geopolitical uncertainty has added a penny to the oil price. Obama’s $20 to $30 per barrel risk premium is a number pulled out of a hat, without a shred of empirical support. In effect, the President is blaming Israel for high oil prices.


About Russ Steele
Freelance writer and climate change blogger. Russ spent twenty years in the Air Force as a navigator specializing in electronics warfare and digital systems. After his service he was employed for sixteen years as concept developer for TRW, an aerospace and automotive company, and then was CEO of a non-profit Internet provider for 18 months. Russ's articles have appeared in Comstock's Business, Capitol Journal, Trailer Life, Monitoring Times, and Idaho Magazine.

One Response to The only way to reduce gas prices is to drill for more oil.

  1. Brad Croul says:

    This interesting graph indicates that presidents (and their environmental policies), CARB, or whomever, are not responsible for oil prices. So, I guess we can stop blaming Obama for higher gas prices.

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