Next time you hear a politician say he or she will bring down oil prices understand it’s complete [bull shit]. Americans want lower gas prices — cut back. Sell those SUVs. Ride a bike when you can. If every one of us bought 10 percent less gasoline, prices would fall fast. That’s what the candidates should be saying. We need a strong leader who’s honest, smart, courageous and willing to explain dubious associations. That’s what we need.
– Bill O’Reilly on Fox News, March 21, 2008
Care of Pensito Review
The Cato Institute agrees:
So despite the popular perception of President Obama as anti-oil, domestic oil production is increasing for the first time since the Johnson administration. Alas, little of this has to do with the president. Prices increased from $22 in 2002 to just under $100 a barrel average in 2008 and supply has responded.
President Obama is no more responsible for production increases than other presidents were responsible for production declines. Unfortunately, presidents get blamed for world market changes that occur during their time in office… but generally, they do not cause them.