The Republicans promised that if the USA could just produce more oil, the price we pay for gasoline at the pump would go down. Drill Baby Drill, they urged.
The Republicans lost with this argument in the 2004 and 2008 presidential elections, but Barack Obama followed their advice, and instituted a Republican-style extreme expansion of offshore oil drilling and drilling on land. As a result, today, the PIRA Energy Group reports that the United States has become the world’s largest producer of petroleum.
So, why is it, then, that the price of gasoline at the pump has not fallen by any significant amount? Oil futures now are about the same as they were at this time in 2008, before Obama’s Drill Baby Drill policies were implemented.
Profits Baby Profits.