‘We can’t just drill our way to lower gas prices.’ Says who?!

Eighteen months of continued oil boom prove reveal the predictable flaws of Leftist energy dogma.

But you and I both know that with only 2% of the world’s oil reserves, we can’t just drill our way to lower gas prices – not when consume 20 percent of the world’s oil.

– Barack Obama, March 10, 2012

Oh, really?

That was the refrain during the election season of 2012, with average gasoline prices crowding $4.00 per gallon and no relief in sight. Democrats painted Republicans as wackos for thinking $2.50/gallon gasoline possible. But eighteen months have passed since the President’smisleading pronouncement: the U.S. is now poised to surpass Russia and Saudi Arabia as the the world’s #1 producer of oil and natural gas. The boom in domestic production continues, with oil production at levels not seen in a generation. Demand is soft, oil inventories are high and there is refinery capacity to spare.

And guess what? Gasoline prices are dropping. Color me unsurprised.

Source: Energy Information Administration
(http://www.eia.gov/oog/info/twip/twip_gasoline.html)

The scale of that graph masks the fact that the average price of gasoline is down 33¢ per gallon over the last 12 months and 70¢ per gallon since the spring of 2012. The reader should also bear in mind that the retail price of gasoline has embedded state and federal taxes which vary from 35¢ to 70¢ per gallon, depending on jurisdiction.

Via: Red State

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