Department of Interior Secretary Ken Salazar said that "no one knows" if gasoline prices in the United States will reach $9 per gallon, and acknowledged that the possibility is outside his control.I've noticed the media often runs to Obama's aid to tell their viewers/readers that presidents can't control gasoline prices (though apparently George W. Bush was the exception according to their own reporting), but in fact presidents "set the mood" when it comes to energy and it's that mood that affects the markets. When Bush changed the rules regarding drilling and eased the regulatory burden for obtaining permits the bottom fell out of the oil market. Investors realized that there would soon be more oil coming to market and it caused an immediate affect. Obama has done nothing but lock up oil in the Gulf, on federal lands, and coming in from Canada. The mood he sets is one of scarcity and the prices reflect that.
"I don't think anyone can speculate what will happen with respect to oil prices and gas prices because they are set on the global economy," Salazar told reporters when asked if gas prices could reach $9 per gallon, as they have been in Greece. "Where it will all end, no one knows.
Salazar touted President Obama's "all of the above" energy policy and the prospect of renewable energy, but warned "we do not control the price of oil."
Wednesday, April 25, 2012
Doesn't this give you confidence in our leaders?