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In these tumultuous times, Americans seem to have trouble finding common ground. But it’s safe to say that most of us can agree that gasoline, at around $4 per gallon, is uncomfortably expensive.

The law of supply and demand would seem to suggest an effective solution to our problem. An increase in long-term supply would lead to a long-term drop in prices.

But that’s far too cut-and-dried for President Obama. “There are politicians who say if we just drill more, gas prices will come down,” he told reporters recently. That won’t work, he insisted, because Americans “use more than...