Tag Archives: Oil

News & Comment

It’s Not Your Imagination — Gas Prices Are Higher Under Trump

Take a look at this graph from AAA and you might think, “Yes, the price of gas seems high but it’s not the highest it’s been lately. Look how high it was in June of 2015! And how about September of 2017? Thanks Obama!”

Hold on. While it’s true that the price at the pump always goes up in the summer, look at each of the past Januaries. Now are you feeling worried? You probably should be.

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Enumerati

U.S. to Be No. 1 in Oil Production by 2020

No. 1

Position of the United States in world oil production in eight years in 2020, according to the International Energy Agency (IEA). The agency also projects America will be fully energy-independent by 2030. We blame Obama for this.

News & Comment

If Republicans Wanted Prices at the Pump to Fall, They Would Go Along with Obama’s Plan

gaspump

The president is proposing a plan that would actually make a dent in gas prices. And no, it’s not drill baby, drill because, as Obama explained, there’s a big hole in that idea.

…the problem is we use more than 20 percent of the world’s oil and we only have 2 percent of the world’s proven oil reserves. Even if we drilled every square inch of this country right now, we’d still have to rely disproportionately on other countries for their oil. That means we pay more at the pump every time there’s instability in the Middle East, or growing demand in countries like China and India.

Instead, the president wants to attack gas prices both administratively — meaning acting as allowed without Congress needing to do that whole law-passing thing of which they seem incapable — and legislatively. Both strategies start by attacking the real problem — oil speculation. Obama:

We can’t afford a situation where speculators artificially manipulate markets by buying up oil, creating the perception of a shortage, and driving prices higher — only to flip the oil for a quick profit…That’s not the way the market should work. And for anyone who thinks this cannot happen, just think back to how Enron traders manipulated the price of electricity to reap huge profits at everybody else’s expense.

Obama made good a long time ago on a campaign promise to close the “Enron loophole,” which allowed traders to evade American regulations by buying and selling electronically or overseas.

So here’s what he’s asking our representatives in Washington to do.

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