Gas Prices Could Drop With the Stroke of a Pen

I've often said that the energy markets are driven as much by emotion and perception as they are by supply and demand. Mark Tapscott reminds us what happened the last time we saw prices like we're seeing today:

President Obama says there's not much the federal government can do to bring down gas prices any time soon. Michael Bromwich, Obama's chief bureaucrat in charge of issuing permits for oil and gas companies to drill off-shore, said the same thing today:

“‘Even if we permitted the hell out of everything tomorrow -- every pending permit, some permits that haven't even been filed yet -- it would not have a material effect on gas prices. That's the simple, clear reality,” said the director of the Bureau of Ocean Energy, Regulation and Enforcement (BOEMRE).

Both Obama and Bromwich either are purposely lying or they simply don't know what they are talking about. Check out the chart that accompanies this post. Notice what happened on July 14, 2008? Oil prices suddenly plummeted from their historic high of $145 a barrel. Why?

Because that was the day President George W. Bush signed an executive order lifting the moratorium on off-shore drilling in the eastern half of the Gulf of Mexico and off the U.S. Atlantic and Pacific coasts. Overnight, the price per barrel of oil plunged, and that plunge was reflected at the pump soon thereafter.

In other words, Obama could with the stroke of a pen sign an executive order telling his appointees at EPA, the Department of Interior and the Department of Energy to stop throwing up obstacles to increased U.S. oil and natural gas production and instead work with the energy industry on a crash program to "drill here, drill now."

If Obama didn't want $5 a gallon gas he could fix this thing tomorrow.