Obama Getting the $5 a Gallon Gas He Wants

Do you remember back during the 2008 campaign when Obama was asked about rapidly rising gas prices?  His only complaint was that prices were rising too fast, not that they were too high.  He seemed perfectly fine with $4 and $5 a gallon gas.  Well, he's getting his wish:

Saudi Arabia in talks to boost oil output...
Crude breaches $119 in frantic trading...

He could fix this today. Gas prices are as much about emotion as reality. If traders perceive the possibility of tight supplies they panic and prices rise. If Obama were to simply open up Gulf drilling again, and even better yet approve new areas for immediate exploration, the impact on the traders would be quick even if it might be months before new supplies hit the market. We'd seen an immediate easing of pressure on the oil markets.

He can do it today...but he won't. He still believes the fantasy that higher prices will suddenly make alternative energy sources financially viable, and somehow we'll discover how to make all these new technologies work. It won't happen. Our economy is oil-based, it won't run on wind, corn ethanol, sun, or steer manure. It takes oil and a surge in oil prices will drive this economy back into recession.