Well, here we go again with rapidly rising gasoline prices. In Los Angeles, some gas stations are already charging five bucks a gallon and experts say that the all-time national average record of $4.11 will be broken this summer.
This is bad news for President Obama's re-election campaign because he is likely to get the blame and he should get the blame…but not for today's gas prices.
Obama's actions to shut-down drilling in the gulf and cancel the Keystone XL Pipeline will impact prices five years from now -- that's how long it takes to feel the effects of reduced production. No, today's prices can be blamed on past presidents and previous members of Congress who caved into the environmentalist lobby whose decades-long campaign to cripple U.S. oil production has been fabulously successful.
You know, we have oceans of untapped oil along both coasts and in Alaska. Our ancient refineries are closing down and thanks to onerous regulations no new ones are being be built.
What do we expect? A couple of years from now, $5 a gallon may look like a bargain.
Write and let me know what you think. I'm Bill Applegate.
Monday, June 17 2013 9:22 PM EDT2013-06-18 01:22:37 GMT
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