Mitt Romney and the Republican would like you to believe that President Obama actually wants high gas prices. Mitt Romney's record as Massachusetts Governor reveals support for higher gas prices and electric cars.
We have seen it before... summer rolls around and gas prices soar for no apparent reason. Yet Republicans seek to score political points and spread their propaganda by blaming gas prices on Obama. Republicans will swallow any bait but reasoning Americans know the facts...
►FACT - Domestic oil production increased under Obama.
►FACT - More drilling does NOT mean lower gas prices
►FACT - Oil prices are driven by speculation markets
►FACT -Republicans seek to block Dodd–Frank which caps speculation in oil markets.
~ Speculation adds .56¢/gal to the price of gas
Rick Santorum is using a chunk of North Dakota oil to fear monger about gas prices. Senator Bernie Sanders joins Ed to talk about what's really driving up the cost of oil.
Most people think that gas prices have something to do with supply and demand:
● Supply is greater than it was three years ago when gas prices was $1.90 a gallon
● Demand is at it's lowest since going back to 1997
The issue is NOT supply and demand in the United States. The issue is that over 80 percent of the oil futures market is controlled by speculators. A speculators function in life is not to purchase oil - they are not the end user - but to speculate and drive prices up.
►Drill, baby, drill fails: Oil prices soar in spite of sharp increase in U.S. production under Obama
Yet Haley Barbour, right wing try to blame Obama for high prices, still push policies that EIA says will have no impact on price.
US oil production last year rose to its highest level in almost a decade….
As a result, analysts believe the US was the largest contributor to the increase in global oil supplies last year over 2009, and is on track to increase domestic production by 25 per cent by the second half of the decade.
"So I called the Interior Department's Office of Natural Resources Revenue, which collects royalties on all oil extracted on federal lands and waters. And guess what? According to the latest data, more oil is coming out of these federal areas under President Obama than under his predecessor."
Analysts Michelle Cottle, Julian Epstein and Prof. Michael Eric Dyson debate whether gas prices are a strong enough wedge issue for Republicans, and why a long contest may make GOP brand damage irreparable.
Steve Coll, Pulitzer Prize-winning journalist and author of the new book “Private Empire: ExxonMobil and American Power,” talks with Rachel Maddow about political power and the energy industry and the institutions that shape American energy policy.