Quote:
Originally Posted by Fundguy1
OMG so dumb. Ok. I will try to explain it to your pea brains. Gas was cheap before Obama because easily obtained oil reserves on federal land was available. With prices so low it didn't make econom sense to get more gas out of the us ground. When he shut this cheap supply off prices rose worldwide. These higher prices made shale and fracking economically viable. Without him closing federal lands to oil production, there wouldn't be these high prices or fracking. With oil over $80 a barrell, us and Canadian oil production on private lands skyrocketed. Couple this with the middle east supplying less and Asia using more our total production increased. However if they were to free up y he federal stuff, fracking, tar sands, etc. Would become to expensive and stop production as well as the huge increase in oil would drop prices dramatically.
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More hyperbolic prattle, and selective prattle at that. Let's consider a few facts:
1. Average gas price was at or over US$3/gal in '07 and hit US$4/gal in '08, before Obama was elected.
http://www.eia.gov/dnav/pet/hist/Lea...TE_NUS_DPG&f=W
2. Crude oil production from US federal lands actually increased marginally in FY 2013, and remains marginally higher than during the Bush administration. Longer term, federal lands onshore crude production actually increased by 33% from FY 2003 to FY 2013. Overall, (incl. offshore), federal crude production is down about 11% since 2003, but that reduction occurred between '04 and '06, and remained relatively steady during the W years.
http://www.google.ca/url?sa=t&rct=j&...76180860,d.aWw
3. Obama opened up new offshore oil drilling lands in 2010, breaking an explicit campaign promise to the contrary. This despite Exxon and BP taking a dump on our collective front lawn.
4. You haven't mentioned panic buying and hoarding in Asia and Europe.
5. You haven't mentioned the speculation by commodities futures traders, betting on Middle East unrest to affect supplies and inventories, thereby creating a price bubble.
6. You haven't mentioned both the regular (seasonal) and unplanned (hurricanes) closure of refining capacity affecting supply of gasoline, as opposed to the supply of crude.
Your theory about Obama's responsibility for high gas prices is easily refuted. Now you've deflected by reference to market forces that no US President can readily affect, nor would any free market proponent wish. [/fishinabarrel].