Once upon a time, Obama and his supporters believed that high gas and oil prices were either helpful in ensuring that favored subsidized green energies would be cost competitive, or helped the environment. That's why a now-embarrassed Obama digs in by mocking opponents who call for increased drilling.
A president, so Obama claims, has little control over gas prices. New domestic supplies of oil would not come on the market for years. Americans consume a quarter of the world's oil supplies while possessing only 2 percent of global reserves. In a global oil market, additional American drilling would not make that much of a price difference.
All of these claims are either flat wrong or misleading.
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