- Obama military downsizing leaves U.S. too weak to counter global threats, panel finds
- Sen. Tom Coburn vows to slow down budget-busting bills ahead of recess
- Obama fantasizes about more executive power, signs new order on federal contractors
- Clintons call Klein, Halper, Kessler ‘a Hat Trick of despicable actors’: report
- Boehner accuses Obama of ‘legacy of lawlessness’
- Pro-marijuana group claims responsibility for Brooklyn Bridge flag swap
- Young adults shun Obamacare mostly due to cost: survey
- Stabbing attack on transgender girl, 15, was ‘bias motivated,’ police say
- LGBT adults still lean overwhelmingly toward Democratic Party
- Lawmakers rattled by Syria genocide horrors, call on Obama to act
Bachmann’s $2 gas pledge prompts skepticism
Question of the Day
Many energy industry experts are skeptical of Republican presidential candidate Michele Bachmann’s campaign promise to get gas back down to $2 a gallon if she’s elected.
“One thing that annoys me the most about politicians is that many will say or do just about anything to get elected,” said Robert Rapier of Consumer Energy Report. “My immediate reaction to that was to wonder whether she is really that naive or simply making dishonest campaign promises that she knows she can’t keep. Neither trait is one I want in a president.”
Bachmann skeptics say even if it were possible to lower gas to $2 a gallon, it wouldn’t be pretty: It could take a bad economy, tax cuts, increased subsidies and even price controls to get there. And, of course, it would involve more domestic drilling for oil.
“I’ve heard this one before — during my fifth grade student council election,” said Stephen Lacey of Climate Progress. ” ‘If I’m elected, I promise to get the lunch lady to serve more french fries with every meal in the cafeteria.’ “
But others say the Minnesota congresswoman has the right idea.
“I think it is realistic,” PFGBest analyst Phil Flynn said. “If you move toward natural gas in this country, if you allow drilling, if you start getting out of energy companies’ way, we could start heading in that direction.”
It won’t be easy, experts warn — even for a sitting president.
“I think anybody in the White House has the influence to increase prices,” said Tom Kloza, chief oil analyst at the Oil Price Information Service. But you can’t decrease them as easily as you can increase them, he explained.
The last time prices were that low was in 2008 — the midst of the Great Recession. As the economy tanked, demand dropped as laid-off workers drove less and companies cut back on travel.
Prices dipped into the $1.60 range at one point.
Lower prices at the pump helped cash-strapped drivers — but a recession, analysts point out, is a tough way to achieve that goal.
“Maybe that’s how she plans to do it: Send the economy into a deep depression,” Mr. Rapier joked. “That would likely mean a return to sub-$2 gasoline.”
Mrs. Bachmann, however, believes she can get gas down to $2 by promoting domestic drilling for oil.
“What Barack Obama has done is lock up America’s energy reserves,” Mrs. Bachmann said. “We’re the No. 1 energy-resource-rich nation in the world. We have more oil in three Western states in the form of shale oil than all the oil in Saudi Arabia.”
Republicans and oil groups are pushing for completion of the Keystone XL pipeline, which would deliver Canadian oil to refineries on the Texas coast. They say it would bring more than 1 million barrels of oil a day into the U.S. and help relieve the nation’s dependence on overseas oil.
© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.
About the Author
Tim Devaney is a national reporter who covers business and international trade for The Washington Times. Previously, he worked for the Detroit News, Grand Rapids Press, Portland Press Herald and Bangor Daily News. Tim can be reached at email@example.com.
- Dysfunction, disarray at Homeland Security management cited in IG's report
- GM's Barra to be first woman to run top American carmaker
- Treasury sells last shares in 'Government Motors'
- U.S. businesses reach out quickly to partners in Iran
- General Motors ending Chevrolet sales in Europe to focus on Opel and Vauxhall
Latest Blog Entries
TWT Video Picks
Both parties recognize the Democrats' scam
- Inside the Ring: Israel surprised by Hamas tunnel network
- CRUZ: A tale of two hospitals: One in Israel, one in Gaza
- Chicken pox outbreak puts illegal immigrant facility on lockdown
- Obama military strategy too weak for future security, panel reports
- Report: 40% of weapons sent to Afghanistan are unaccounted for
- Israel surprised by Hamas tunnel network
- CIA admits improperly hacking Senate computers in search of Bush-era information
- Islamic militants seize Benghazi as U.S. evacuates Libya
- 'Big Bang' star Mayim Bialik helps send bulletproof vests to IDF
- 3 African leaders cancel trip to U.S. over Ebola outbreak; Obama still plans summit
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world