do you believe that even reversing those policies, returning to a Reagan like approach to the economy, and implementing the other plans Newt has proposed, that the damage done by Obama is simply too great to realistically expect to return to $2.50/gal?
I believe price of oil to be capable of dropping such that gasoline would be $2.50 in the near future. I do not believe that can be done solely by changes in the US over 4 years.
Or is your issue not that a return to $2.50 is implausible, but that it's just dishonest for Newt to base his campaign on the premise that he can make good on such an absolute line in the sand?
That is more the case. It is beyond the control of any US president to so greatly influence the world oil market with 4 years to make such a promise.
It could actually be done with price controls and tax payer subsidies, but that is not what he wants, nor any of us should want.
Thank you for clarifying your position. Also, please forgive my implying you were avoiding the question.
I believe price of oil to be capable of dropping such that gasoline would be $2.50 in the near future.
Thank you.
I do not believe that can be done solely by changes in the US over 4 years...It is beyond the control of any US president to so greatly influence the world oil market with 4 years to make such a promise.
I agree that the US President does not directly control the price of oil (and shouldn't), and although I (and obviously Newt Gingrich and his, to my knowledge yet unnamed, Oil Industry expert) disagree with you on the degree to which a President is able to successfully influence it by executive policy, I recognize the validity of considering external factors outside the President's influence.
My optimism is largely based on the following: I think it is reasonable to conclude that as we approach or achieve producing more oil than we consume, that the downward pressure on global prices created by the loss of US demand for imports combined with the addition of any surplus US supply, would far exceed any upward pressure any subsequent global market condition would be able to exert on prices inside the US.
If Newt becomes the next President, then time will tell if (and if, then how quickly) he will be able to make good on his promise. Newt does has a remarkable track record of making good on arguably pie-in-the-sky campaign promises.
With all the above in mind, I think the $2.50 promise is neither implausible nor dishonest. I do respect your right to disagree. Speculating about the future is never purely objective. I also appreciate the civility with which you've defended your position. Thank you for that.
Regardless of our differing opinions, I think Newt is doing a fantastic job of putting Obama on the defensive and framing this to the advantage of whoever wins the Republican nomination.