‘We can’t just drill our way to lower gas prices.’ Says who?!

‘We can’t just drill our way to lower gas prices.’ Says who?! | RedState:

But you and I both know that with only 2% of the world’s oil reserves, we can’t just drill our way to lower gas prices – not when consume 20 percent of the world’s oil.

– Barack Obama, March 10, 2012

Oh, really?

That was the refrain during the election season of 2012, with average gasoline prices crowding $4.00 per gallon and no relief in sight. Democrats painted Republicans as wackos for thinking $2.50/gallon gasoline possible. But eighteen months have passed since the President’smisleading pronouncement: the U.S. is now poised to surpass Russia and Saudi Arabia as the the world’s #1 producer of oil and natural gas. The boom in domestic production continues, with oil production at levels not seen in a generation. Demand is soft, oil inventories are high and there is refinery capacity to spare.

And guess what? Gasoline prices are dropping. Color me unsurprised.