Snap Fact #116
Post date: Feb 29, 2012 2:1:1 PM
Snap Fact #116
President Obama Pushes Back On The GOP’s "Bumper Sticker" Plan To Lower Oil Prices!
President Obama described his energy policy, accomplishments and vision in a speech at the University of Miami on February 23, 2012. The speech comes as Republicans — both on Capitol Hill and the campaign trail — have seized on rising gas prices, blaming the increase on what they call "Obama’s failed energy policies"The White House is very conscious of the effect that rising gas prices could have on the president's reelection bid, which has been buoyed by recent good news on the economy.
The president spoke of what the White House calls an “all-of-the-above” energy plan that emphasizes expanded drilling, less reliance on foreign oil, fuel efficiency and investments in renewable energy, according to a White House official. The Obama administration "has a strong record of developing new domestic energy sources, expanding oil and gas production, and reducing our reliance on foreign oil,” the official said.
In recent months, the White House has launched an aggressive campaign to tout the president’s record on drilling, pointing to federal data that show increased oil production during Obama’s time in office. In fact since Jan. 2009, the number of oil rigs operating in this country has more than tripled, from 328 to 1,173, as this graph illustrates.
"The President clearly understands the impact that high gas prices have on middle class families, but unlike some, he isn’t interested in engaging in false debates and phony promises." This echoed a previous statement by White House press secretary Jay Carney that there are no "magic solutions" to higher gas prices.
GOP White House hopeful Newt Gingrich claims that the average price of gasoline now at $3.67 per gallon is higher than it was under George W. Bush. Gingrich, plays fast and loose with his statistics, as he failed to mention that gasoline hit $4.11/gallon in the summer of 2008 during the last term of GWB. He also said he would, if elected, lower gas prices to about $2.50 per gallon through expanded drilling and approval of the Keystone XL oil pipeline, among other things. The President hit back with "promising $2.50/ gallon is not a strategy, it's a bumper sticker. Bumper sticker slogans aren't enough to solve our problems".
Federal policymakers have very few options to lower gas prices in the short term, according to experts. Gas prices are largely tethered to oil prices, which are set on global markets. Even a dramatic expansion of domestic oil-and-gas production would have little short-term effect on gas prices.
Among other things, this administration has increased fuel efficiency standards for vehicles, regulations that the White House says will save consumers $1.7 trillion at the pump. He’ll also again call for repealing nearly $4 billion in tax breaks for oil and gas companies over the next decade, according to the official. Federal policymakers have very few options to lower gas prices in the short term, according to experts. Gas prices are largely tethered to oil prices, which are set on global markets. Even a dramatic expansion of domestic oil-and-gas production would have little hort-term effect on gas prices. Among other things, this administration has increased fuel efficiency standards for vehicles, regulations that the White House says will save consumers $1.7 trillion at the pump. He’ll also again call for repealing nearly $4 billion in tax breaks for oil and gas companies over the next decade, according to the official.
The President is standing up to the myths, half truths, distortions, and straight out lies being created about the sudden oil price inquiries by using the bully pulpit to GET OUT THE TRUTH.
Sources
Obama hits 'phony' GOP promises of lower gas price, http://campaign2012.washingtonexaminer.com/article/obama-hits-phony-gop-promises-lower-gas-price/392696
Gingrich pledges $2.50 gas, Obama: 'it's easy to make phony promises', http://www.csmonitor.com/USA/Politics/Latest-News-Wires/2012/0224/Gingrich-pledges-2.50-gas-Obama-it-s-easy-to-make-phony-promises
Obama Talks Gas Prices, Energy Policy At University Of Miami, http://www.huffingtonpost.com/2012/02/23/obama-university-of-miami-energy-policy-gas-prices_n_1296019.html
Gingrich and gas prices, http://www.chicagotribune.com/news/opinion/chapman/chi-gingrich-and-gas-prices-20120222%2C0%2C3037631.story
US Crude Oil Rigs, http://www.eia.gov/dnav/pet/hist_chart/E_ERTRRO_XR0_NUS_CM.jpg