Gingrich woos with prospect of $2 gallon gas

Money.com ^ | February 20, 2012 6:05 PM ET | BRIAN BAKST

[Red Steel]

TULSA, Okla. (AP) - Republican presidential candidate Newt Gingrich is dangling the prospect of gas as low as $2 a gallon if he's elected.

The former House speaker has spoken in the past of gas dropping to $2.50 a gallon under a Gingrich administration. Monday's prediction, coming as Gingrich campaigned in Oklahoma, contrasts sharply with rival Rick Santorum, who told an Ohio audience that big-city Americans should brace themselves for $5-a-gallon gas.

Both candidates are citing new sensitivity over rising pump prices to push for relaxed regulation on domestic oil production.

According to AAA's daily fuel gauge, the national average Monday for a gallon of regular gas was $3.56.

Gingrich and Santorum have been highlighting oil exploration in North Dakota and slamming the Obama administration for delaying a Canada-to-Texas oil pipeline.

Republican presidential candidate Newt Gingrich dangled the prospect of gas as low as $2 a gallon if he's elected, playing off voter angst about rising prices at the pump.

The former House speaker has spoken in the past of gas dropping to $2.50 a gallon under a Gingrich administration. Monday's prediction came as Gingrich campaigned in Oklahoma, where the oil and natural gas sector is vital to a bustling state economy.

"With Gingrich policies, what we know is we will dramatically expand our independence in the world market, dramatically expand our capacity to produce energy without regard to our foreign potential enemies and in the process prices will clearly be a lot lower," Gingrich said. "Now, I picked $2.50 as a stabilizing price for capital investment reasons. It could easily go down to $2."

According to AAA's daily fuel gauge, a gallon of regular gas was approaching $4 in some places and even topped it in California.

[Red Steel]

I see many people here really don’t understand economics.

[Minus_The_Bear]

We never will see gas that low again.

The oil industry and energy in general is not a free market. Republicans want high energy prices too. Just for different reasons.

[WorkingClassFilth]

Please include an addendum on the EU’s control of our European friends buoyant economies. You might also include a brilliant recital of control economies in the Eastern bloc.

[C. Edmund Wright]

I am sure what I am about to write will be beyond your ability to comprehend, but I will write it for those who can absorb it. I believed in Newt THUS I write on his behalf - NOT the other way around. I doubt you can comprehend that.

Second, he is not predicting a price structure. He is talking about the natural course that a truly free market would take when a dramatically increased supply meets the current demand curve. Please have an adult you know translate what I just told you, all of which is absolutely correct and true.

[Parley Baer]

It is entirely possible. Drill baby drill. More natural gas. Nuclear energy. In fact all forms of energy. That will take the demand off of oil and the price will drop. Quite simple really. Just a matter of supply and demand. GO NEWT GO!

[Marcella]

Having a conviction is one thing, but using filthy language is still filthy language. That guy Calling Newt that name is unacceptable.

People, could we please stop using filthy language - surely points can be made without that.

[Past Your Eyes]

Hearing no reply, one assumes that there wasn’t a credible one available.
“;^)

[Red Steel]

It wasn’t that long ago when the average gas price was $1.84/gallon.

http://biggovernment.com/bshapiro/2012/02/14/average-gas-price-at-obamas-inauguration-1-84-per-gallon/

[Bailee]

How is it BS. Supply and Demand, compounded with a weak USD, Global tension in the Middle East.

Newt can Increase our consumption of Non Arabian Oil(ANWR and Canadian Oil).

Strength the USD(Reduction of Debt as a Percentage of GDP).

Quit coddling the likes of Iran(Just git our of Israel way).

Incidentally It is estimated that the current Iran mess is adding .50c upward to the price of gasoline.

There latest refusal to sell Oil to Europe may push the price of US gas to over $4.00.

[Minus_The_Bear]

Republicans are currently writing in big subsidies to George Soros & Boone Pickens for natural gas. No new exploration... just current plays. Just like they did with ethanol.

[WorkingClassFilth]

Oh, we can agree that gub’mint can mess things up for the private sector. However, prognostications about how gub’mint, single-handedly, will straighten things out is flatulence - plain and simple.

The only education needed for economic clarity here is one which includes the whole of the matter. Newt’s version is equally flawed and calculated to drive the bleating sheep into his centrist corral.

[DaxtonBrown]

[I see many people here really don’t understand economics.]

I’ll say. There have been some pretty ignorant statements. The price of gas is determined by three elements:
1) resource availability and price of extraction and transportation
2) government regulations and taxation
3) the monetary base as governed by the Federal reserve

No president has much control over number 1). However, I beleve Gingrich could positively affect number 2) and 3) making his promises obtainable.

I know you know this, it is for the ignorant masses.

[SVTCobra03]

I could go for $2.00 gas. That would mean we could now get 93 octane in Oklahoma and 700hp muscle cars from the auto makers. And best of all, we could fill up the junkyards with Volts.

[fight_truth_decay]

Clinton $.88-$1.29
Bush $1.29 [9/11/wars] gas soared, but when he left office] $1.79
Obama $1.79 ----- where will it land before Nov election? Never say Never..

http://gasbuddy.com/Crude_Chart.aspxz

Obama announced recently that drilling would resume in the Gulf; however he had to have known that many rigs had left for other places and it could take 3 months to return if ever. He again knew his words were running on empty, just like many motorists trying to put off filling up.

Obama's ongoing snub of the Keystone, again; gave the Arabs the thumbs up we would remain dependent on the Middle East.

Sometimes, I think Obama is playing for another team, other than Team USA.

[WorkingClassFilth]

Mighty tall words for an acknowledged Newton apologist. Trust me, Ed, I can read and write and understanding your posts is easy enough.

[C. Edmund Wright]

True that- and I would add that the blithering ignorance of how the free market works is also unacceptable for this forum IMO.

[C. Edmund Wright]

You’ve demonstrated nothing but a kindergarden understanding in this thread tonight.

[M. Thatcher]

We all know that’s BS.

Who is this "we," Kimosabe?

[WorkingClassFilth]

Your insights have crushed me. I apologize. Please continue your enlightenment; the masses need to know more about the sterling qualities of Newton.