THEN: Back in 2008, Fox News pundits and contributors were eager to deflect criticism of the Bush administration, pointing out the myriad of global market factors contributing to the steep rise in gas prices at the time. Conservative columnist Cal Thomas quite rightly stated that, “no president has the power to increase or to lower gas prices.”
Various commenters observed that increased exploitation of domestic resources (e.g., drilling in Alaska’s Anwar Reserve) would be “literally a drop in the bucket” with no effect on prices (so much for the “Drill baby, drill” strategy). Heck, back then, Bill O’Reilly even suggested that rather than just complaining about the high price of gas, his viewers should “cut back, sell those SUVs, ride a bike when you can!” I know… it’s hard to believe he actually said that. Thank goodness for video!
NOW: President Obama’s “anti-American energy policy” is directly responsible for rising gas prices!!!
Unfortunately, the pesky FACTS of the matter completely contradict the assertions of Fox so-called News. In truth, domestic production is up significantly and dependence on foreign oil is down from the Bush era.
Desperate Republican no-hoper Newt Gingrich is currently promising that, if elected, he will reduce the price of gasoline to $2 per gallon. Maybe a terrific prospect for gas-guzzling American consumers feeling the pinch of rising oil prices, but not one without consequences…
To realize the promise of $2 per gallon gasoline would require a per barrel oil price of approximately $67. Most estimates, however, are that a market price of $75-$90 per barrel is required to make the heavy oil (bitumen, tar sands, or whatever you want to call it) strip-mined in northern Alberta a profitable venture. So, in other words, a Newt Gingrich regime delivering on its promise would effectively shut down the Oil Sands, thereby collapsing the Alberta economy and seriously damaging Canada’s bottom-line as a whole…
Of course, it’s ridiculous to imagine that the President of the United States can actually control the price of oil… Or is it? Well, according to Republicans (and their surrogate right-wing media outlets), President Obama is DIRECTLY responsible for ALL increases in gas prices at the pump. If that is true and if what Newt is promising is true… well, you do the math. Or, it could be that both of those things are complete bullshit.