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It's true. There's little the President can do about oil prices.
The reason we may soon be all be paying more than $4/gallon is not due to inadequate production or supply, but because of 10 years of Keynesian economics; cheap monetary policy from the Federal Reserve, and trillions of dollars injected into the economy in the form of bailouts and stimulus that did not create a corresponding growth in our national wealth. Simply put, our dollars are worth much less that they were 5 years ago. Since oil is traded internationally in dollars, it is probably the clearest sign (like the unsubstantiated rise in the stock market) that our dollars are getting cheaper by the day. And unfortunately for consumers, there's no amount of domestic drilling that can keep up with this level of fiscal malfeasance.
Edited by JohnMcGrew@...
Updated - 21st Mar 2012