Thursday, March 25, 2010

Gas Up Over $1 Per Gallon Since Obama Came into Office

Since January of 2009 when President Obama took office gas has increased in price by about 50% or about $1.00 per gallon. The explanation is very, very clear in the Washington Times piece about it.

"The reason that it dropped is because the U.S. sent a signal to the markets, by dropping the moratoria, that we're going to drill on our lands. Obviously, we never followed up, and thus you see the crisis gradually rising," said Rep. Doc Hastings of Washington, the ranking Republican on the Natural Resources Committee.
Of course the President ingeniously reversed President Bush's orders to allow more drilling offshore. Remember "drill, baby, drill"? Remember how Joe Biden ridiculed it? Gas is at $3 with no major crisis and a floundering economy. A major crisis coupled with a great economy (unlikely, I know) could get the price up near $5-$6 per gallon.

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