A Little Less Talk, a Little More Action on Gas Prices

Nicolas Loris / March 12, 2011

A CNN report Friday revealed the stark reality that gas prices have risen by 37 cents since February 22, reaching an average of $3.50 per gallon nationwide. Prices are expected to follow an upward trajectory in coming months. At Friday’s press conference on rising gas and oil prices, the President correctly stated that families, consumers, and businesses all feel the effects of higher prices. Yet the rest of his message was laced with misinformation and wobbly rhetoric. Bottom line: The Administration’s solutions are not really solutions at all.

Denying that his Administration has hindered domestic oil and gas production, the President said last year’s oil production was the highest since 2003. This faulty logic ignores the months-long moratorium on deepwater offshore drilling that curtailed domestic production, sent some seven drilling rigs elsewhere, and fueled rising prices in a fragile economy. (more…)