The world was reinvented in the 1970s by soaring oil prices and massive transfers of national wealth. It could be again if the price of petroleum crashes -- a real possibility given the amazing estimates about the new gas and oil reserves on the North American continent.
President Obama supports job creation, economic growth and revenue generation – except when he doesn’t.
The Sierra Club and other environmental pressure groups are redoubling their efforts to “stop fracking in its tracks.” No wonder. The technology is an existential threat to fundamental “green” dogmas.
Soaring gas prices pose a major electoral vulnerability to a President so damaged he refused to celebrate the two year anniversary of his marquee domestic accomplishment. That is why, for the past several weeks, President Obama and his administration have been in damage control mode.
When the summer driving season starts soon, and tension heats up over Iran, gas may reach $5 a gallon. Nothing bothers voters more than paying an extra $20 or $30 every time they fill up. In times like these, they soon might prefer even an oilman in the White House to an ideologue whose opposition to new oil development seems more religious than empirically based.
Since Jan. 1, the price of gas has soared 45 cents a gallon -- the highest on record for this time of year. AAA reported this past week that the national average of unleaded gasoline climbed from Feb. 28's $3.71 per gallon to March 2's $3.73 per gallon and then up again to $3.76 per gallon over the weekend -- the 25th straight increase in the past month.
Newt Gingrich presented a stark contrast between Republicans and Democrats on gasoline prices Saturday at the California GOP convention in Burlingame. Gingrich promised that if elected, he would bring gasoline prices below $2.50 per gallon.