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As Steven Hayward puts it in the second volume of his epic history "The Age of Reagan": "In the annals of public policy prognostication it is difficult to find such a wide assembly of wrongheadedness."
Sen. Howard Metzenbaum of Ohio promised in early 1981, "we will see $1.50 gas this spring, and maybe before. And it is just a matter of time until the oil companies and their associates, the OPEC nations, will be driving gasoline pump prices up to $2 a gallon."
Sen. Dale Bumpers of Arkansas claimed, "without rationing, gasoline will soon go to $3 a gallon." Sen. George Mitchell of Maine, later the Senate's Democratic majority leader, warned that "every citizen and every family will find their living standards reduced by this decision."
Instead, when Reagan removed price controls on oil via an executive order issued shortly after his inauguration, the price fell almost immediately and kept dropping so that by the first year of his second term average gas prices were below 90 cents a gallon....As Brian Domitrovic, economic historian at Sam Houston State University noted recently in Forbes, when Reagan's energy, monetary and tax cut policies were in full swing in early 1983, "the whole energy crisis was on the cusp of vanishing from the scene."
Domitrovic points out that somehow all the petroleum "'supply' crises also disappeared for good. This was so even though the world's major economy was embarking on one of its most remarkable modern runs of multidecade growth."...
We again have a President who does not believe in the free market for energy and has a policy of trying to strangle domestic production of energy. I think Romney has an excellent chance of freeing up the economy and producing energy at a lower cost at the same time creating hundreds of thousands of jobs.
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