The president and the White House haven't been shy about claiming credit for doing everything possible to keep gasoline prices low.
As White House spokesman Jay Carney said this week "Oil and gas production in the United States has risen every year since the president's been in office. Oil production is now higher than it's been in eight years."
Industry analysts say production is rising -- not because of President Obama, but in spite of him.
"Today on federal land, the area where the president has control, production in the Gulf of Mexico is down 30 percent. Lease sales in Rocky Mountains on federal lands are down 70 percent," Jack Gerard, head of the American Petroleum Institute said.
4 comments:
NO. shell game
It's going to China and it's foreign oil companies Obama is starving Americans and American companies.
You guys are idiots. The American oil companies are private corporations. They can and will sell their domestic oil to the highest bidders. That is their job to the shareholders, maximize profits. The government does control the leasing rights, but the worldwide spot oil market determines where it goes after it is pumped. The Administration can not tell the oil companies not to sell to China or Europe, hell that would be socialism (is that what you want?). Anything Obama has does done so far with the offshore leasing has had no impact on the supply or prices. The lead time from lease to production is longer than he has been in office. China's growth and our slow but real economic recovery are both pushing higher demand for product. Domestic production is now at a decade high because the price of oil is high enough to make the oil fields out West profitable. Obama can not take the credit, it is just the way the supply and demand functions.
They deserve credit for more EPA and enviromental regulations than any other administration.
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