Take the Drill-Baby-Drill Challenge: Can You Guess Right?
March 25, 2012. You know the story. When Obama took office:
- Gasoline cost $1.95/gallon and oil, $45
But now (3/2/12)
- Gasoline costs $3.72/gallon and oil, $125
Incredible. And we understand—because our politicians explained it to us, like so …
- We should’ve drilled.
- But Obama and his EPA stopped us.
- So the supply of oil went down.
And, that pushes the price up, and high oil prices cause high gas prices. If we had drilled, supply would be up and the price would be down. Maybe down to $1.00/gallike under Clinton (March 1999(1) Regular gasoline actually got down to $0.90/gallon in early March, but I like round numbers. ).
|Free. Many Varieties|
So I dare you to guess which Obama scenario on the graph above is correct. Don’t cheat. Guess before you click to see the answer. Don’t believe it? — See for yourself where the data comes from.
Shocking but true:
- We did “drill baby drill” — like never before.
- Obama didn’t stop us.
- Just ask the upset Sierra Club.(2) Sierra Club President, Michael Brune quotes Obama saying "we are drilling all over the place," and headlines his op-ed "Obama’s energy March madness." (March 25, SF Chronicle) But, Obama was right, and I say this as a member of the Sierra Club.
- The US supply of oil went up the most since 1970.
Under Obama, drilling has skyrocketed as never before, and the price of gas went from $1.95 to $3.95 (April 1, 2012). There’s a reason.
|A Historic Reversal|
More surprising facts:
- Newt’s $2.50 gas for China⇒
- Two amazing drill-baby-drill fallacies
- But, see what actually worked. — It’s historic.
- Learn the 25-year Iron Law of Gas Prices. (Oil +$1)