Obama Is Not the Only One to Blame for High Gas Prices

Much is out of the president's hands, but what he can do he must do better

Reader Comments
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Can someone please explain how drilling for more oil lowers gas prices? If oil companies are making record profits, what incentive do they have to flood the market with more oil, thereby lowering profits? This seems like an "oil lobby" argument with no basis in reality. From the oil company perspective, I understand the need to get the leases and to find more oil that they can eventually sell on the global market to China and India (gas is now one of our biggest exports) but aren't these oil prices being set by speculators and OPEC anyway? How is any of this going to make the US more energy independent unless we first Nationalize the oil industry (which I am not arguing for)? Is there any wonder why the proposed Keystone XL pipeline runs straight from the Canadian Oil Sands, to the US refineries, to the Gulf ports? That refined fuel is headed straight to China. And how does that benefit the US besides adding a few additional jobs at the end of the day and boosting the stock of a handful of multinational corporations?

scofo of CA 11:59AM March 05, 2012