What did Obama mean when he said there is no "quick fix" to rising gas prices?
Obama has been in office for 3 1/2 years and the average price of gas has more than doubled since he took office. He's had 3 1/2 years to work the problem but what has he done? Reduced drilling permits in the Gulf of Mexico by 300%, higher taxes on oil companies (which drives up the price), billions in subsidies for more "green energy" companies who have no solution, won't allow any new refineries to be built, won't allow domestic drilling, etc. What did Obama mean when he said there is no "quick fix" to rising gas prices?
- Anonymous8 years agoFavorite Answer
It means Obama has no intention of doing anything to lower the price of oil.
His administration is trying go get the price of oil UP so we can 'be like Europe"
- CookieLv 48 years ago
You do realize the U.S is now a net exporter of petrol products and production is up to 5.7 million barrels of oil from 4.9 million in 2008. Obama has opened up federal land and water to exploration. After 2010 the gulf can be explored so long as BP never happens again. What you clearly don't realize is the free market you fight tooth and nail for is what got us here. We tie our prices to global supply and demand it doesnt mean anything if demand is down in the U.S it can keep going up because China and India consume more, Iran is threatening exports.
But the domestic trends are unmistakable. Not only has the United States reduced oil imports from members of the Organization of the Petroleum Exporting Countries by more than 20 percent in the last three years, it has become a net exporter of refined petroleum products like gasoline for the first time since the Truman presidency. The natural gas industry, which less than a decade ago feared running out of domestic gas, is suddenly dealing with a glut so vast that import facilities are applying for licenses to export gas to Europe and Asia.
National oil production, which declined steadily to 4.95 million barrels a day in 2008 from 9.6 million in 1970, has risen over the last four years to nearly 5.7 million barrels a day. The Energy Department projects that daily output could reach nearly seven million barrels by 2020. Some experts think it could eventually hit 10 million barrels — which would put the United States in the same league as Saudi Arabia. -NYT
This is the price we pay for running the world on fossil fuels - Dr.Jenner
- Anonymous8 years ago
Romney nor Santorum nor Obama can control gas prices unless you charge oil refineries with collusion in raising the prices higher as they are now and at every 4of July. The President's best bet is to charge 40 billion for the oil/shale pipeline deal or a moratorium of $2 dollars at the gas pump for five years.
- cosmoLv 78 years ago
Well, you see, the price of oil is set by a world market.
The amount produced in the USA is a small fraction of the whole. Even doubling that small fraction would have only a marginal effect on world oil prices. Even releasing the strategic oil reserve would have a small effect for a few months. The world price of oil is basically set by demand in China and India.
Oil companies do not sell "American" oil to Americans at below the world market rate.
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- AndyLv 78 years ago
Drilling is up, exports are even up.
If you want Obama to do something about it then you are in favor of the government meddling with private business even more.
The QUICKEST way to bring down gas prices is to not allow speculation on oil. Speculation is responsible for ~40% of the price of each barrel of oil. But that's not something the President can do, he doesn't write laws.
- Anonymous8 years ago
Obama saying, "There's no quick fix to rising gas prices," meant that he's looking for ways to make them rise higher and faster. He didn't mean he was going to look into how the price can be lowered.
That or Obama just doesn't want to be bothered by the problems he is creating. Hoax and chains, baby!
- Anonymous8 years ago
Oil is purchased via "futures" contracts.
If Obama announced today that he is opening up more federal lands, and doing things to speed up the approval process. The price of Long term futures contracts on oil would go down. We would see the difference in prices at the pump within a few months
- LulaLv 44 years ago
This is personal opinion mind you, but to me it sounds like this person is a racist tree hugger. If hurting people in general with unemployment being so high and forcing people to use alternative energy instead of that evil oil makes their love of their leader even stronger (and of course the blatantly racist part) then the name in the first sentence pretty much fits!
- Mike WLv 78 years ago
It means that he's become the standard run of the mill politician. He's saying the same things that they all say. When they say that there's no quick fix, it usually means that they have no idea of what to do, so they'll get out the playbook and try everything until something works. Usually none of it works, but when the problem goes away, they'll take credit for solving it
- CaptainLv 68 years ago
Dude, the goal isn't to fix gas prices at all. The goal is force everyone into using "green energy." Whatever that means.