The Real Gas Price Culprits

June 08, 2011 at 11:54 AM

By MIKE BROWN  

Five letters and statements by Rep. Andy Harris recently published in the Star Democrat falsely blamed President Obama and "liberals" for causing high gas prices by inhibiting domestic oil exploration and drilling.

Credible energy experts agree that presidents have little control over gasoline prices.  George W. Bush bragged during the 2000 presidential campaign that because he was an oil man and in tight with oil suppliers he could keep gas prices low, and then as president watched helplessly as oil prices skyrocketed to $149/barrel and gasoline soared to $4.56/gallon.

Experts also agree that more oil leasing won't reduce gas prices, and that even if we immediately leased all known U.S. oil reserves to oil companies, we wouldn't see results for years and even then the effect would be minimal, maybe three or four cents per gallon.

The 5/23 Star Democrat editorial correctly identifies oil speculators as the greatest contributors to escalating prices.  Only such commodities futures gambling can explain the wild price fluctuations we experience.  But oil companies also contribute significantly to higher prices.  They set the final prices we pay while keeping 50% of already leased areas onshore and 70% of those offshore inactive.

 The Justice Department and Senate Democrats have correctly begun investigations of Wall Street speculators' and oil companies' contributions to creating artificially higher gas prices.  Republicans are doing everything they can to protect and defend these real culprits while distracting us with their partison political attacks and "drill-baby-drill' nonsense.

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