We can drill our way to lower gas prices

Steve Maley:

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’s misleading 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.
Source: Energy Information Administration
(http://www.eia.gov/oog/info/twip/twip_gasoline.html) 

The scale of that graph masks the fact that the average price of gasoline is down 33¢ per gallon over the last 12 months and 70¢ per gallon since the spring of 2012. The reader should also bear in mind that the retail price of gasoline has embedded state and federal taxes which vary from 35¢ to 70¢ per gallon, depending on jurisdiction.
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There is more.

Obama and the Democrats have been pushing a policy of artificial scarcity of oil and gas.  In areas controlled by the federal government they are still blocking drilling.  From Nevada where they are blocking drilling on a huge shale play because of some bogus suggestion that it will both prairie chickens to ANWR and offshore tracks this government is still trying to stop the production of our oil and gas resources which are now well more than 2 percent  of the world supply.