Obama: No Quick Fix To Bring Down Gas Prices
“It’s the easiest thing in the world to make phony election-year promises about lower gas prices.”
“In 2010, our dependence on foreign oil was under 50 percent for the first time in 30 years,” he said. “In 2011, the United States relied less on foreign oil than in any of the last 16 years. Because of the investments we’ve made, the use of clean, renewable energy in this country has nearly doubled, and thousands of Americans have jobs because of it.”
It’s not the president who’s responsible for high oil prices. Tom Kloza of the Oil Price Information Service analyzes:
Kloza believes much of the increase is due to speculative money that’s flowed into gasoline futures contracts since the beginning of the year, mostly from hedge funds and large money managers. “We’ve seen about $11 billion of speculative money come in on the long side of gas futures,” he says. “Each of the last three weeks we’ve seen a record net long position being taken.”Click here for reuse options!
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