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Wow, you mean the oil-heads lied when they said that “Drill, baby, drill” would reduce gas prices? WHO COULDA KNOWED?!

10th May 2012

Barry Ritholtz pens a pretty goddamned good analysis of why even though the US is now a net energy exporter (what?!), we’re still paying $4/gallon at the pump (what what?!).

Specifically, more oil is being produced now under Obama than under Bush. But gas consumption is flat.

So producers are exporting refined products.  By exporting, producers keep refined products off the U.S. market, creating artificial scarcity and keeping  U.S. fuel prices high.

It has gotten to the point that any time a conservative DERP emitter says something, you might not be too far off if you simply believe the exact opposite.

From → Politics

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