You might remember in the run-up to the 2012 election, Barack Obama made it clear that “we can’t drill our way to lower gas prices.”… Well, it turns out that we’ve drilled our way to lower gas prices.
The Energy Information Administration reported Friday that the Memorial Day weekend would see the lowest gas prices since 2009. At roughly $2.75 per gallon, and oil selling for around $60 per barrel, gas is once again getting cheaper.
Oh sure, it’s not as low as when Obama took office. At roughly $1.89 per gallon in January of 2009, motorists are likely pining for the days of George W. Bush. But the industry has done its best to lower the price without the helpful hand of government bureaucrats since the anti-oil Obama took control of the executive branch.
Despite Obama’s historic opposition to drilling on federal land and his closure of offshore wells, the industry has managed to increase drilling operations on private and state lands. Fracking, horizontal drilling, and cooperation with oil-and-gas-friendly governors have helped the American oil industry flood the market with new crude. And it’s paying off for motorists.
OPEC is in panic mode, as the cartel realizes it no longer has a monopoly on the world’s oil supply.
Saudi Arabia is refusing to cut production as American oil continues to produce a greater supply of affordable alternative to cartel fuel. As a result, some strategists predict prices could see another decline to $45 per barrel, lowering gas prices even further.
The evidence suggests that it is obvious: Of course we can drill our way to lower gas prices. In fact, Mr. Obama, we have done exactly that.
Despite the administration’s odd fascination with slowing down the production of affordable oil and gas wherever it can, the industry has managed to prove the president completely wrong in just a few short years.
“Drill, baby, drill” turned out to be pretty good advice. Now if we could just build a pipeline or two, we might be able to put OPEC out of business.
We’re “literally” standing on an underground sea of potential energy. Unsurprisingly, a few new drill rigs have gone a long way in lowering our energy costs.