It shows the effect of rising production and a global demand that is not keeping up with that increase. Also a lack of the ability of OPEC to act in unison so far.
And you can bet that since its an election year, theyre already dusting off their three-point plans for $2 gas, Obama continued. Ill save you the suspense: Step one is drill, step two is drill, and step three is keep drilling. We heard the same thing in 2007, when I was running for president. We hear the same thing every year. Weve heard the same thing for 30 years.
Well the American people arent stupid, Obama said in a speech in Miami. You know thats not a plan especially since were already drilling. You know there are no quick fixes to this problem, and you know we cant just drill our way to lower gas prices.