Huge jump in gas prices

[ITD]

Originally Posted by The Phantom Gourmand

What does Obama have to do with the price of gas? This subject was beaten to death in another thread.

Obama stopped, then greatly slowed oil leases on federal property when he got into office , causing oil production forecasts to be chopped for 2009 and 2010. Fortunately capitalism took hold and exploration, discovery and production on private land made up the difference and then some. Had Obama continued with the federal leases as his predecessor the price situation would be probably be much different now. Both Obama and Chu, the now former energy secretary have stated that energy prices need to be higher to make green energy more appealing. I think this flawed logic as oil is the base for our economy, oil goes up, so does everything else hence green energy will still cost more than oil. This will be true until some one comes with a major break thru. We are not there yet. The only thing these policies cause are a moribund economy and untold financial suffering for those with lower incomes. Turns out a president can have a lot of influence on oil prices, in ways that are not good for the consumer.