Energy

Now Even Obama Admits We Can Drill Our Way To Cheap Gasoline [VIDEO]

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Andrew Follett Energy and Science Reporter
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President Barack Obama can’t deny the U.S. is drilling its way to cheaper fuel as gas prices continue to plummet.

Energy In Depth, an oil industry group, published a video Monday showing Obama repeatedly claiming “we can’t just drill our way to lower gasoline prices.” The video then contrasts Obama’s previous statements with his 2016 State of the Union remark that “gas under $2 a gallon ain’t bad either.”

Obama has been claiming drilling won’t lead to cheap gasoline since at least 2006. He even continued this theme throughout the 2012 elections as average gasoline prices approached $4 a gallon. But Obama seems to have changed his mind now that the national average price of gasoline is $1.89 per gallon, according to the American Automobile Association. Today’s gasoline prices are the lowest seen since 2009.

Despite escalating conflicts in the Middle East, gas is dropping thanks to huge increases in domestic crude oil production from hydraulic fracturing, or fracking. Fracking has caused the price of crude oil to drop by more than 72 percent since the summer of 2014.

Experts agree the sharp drop in the price of crude oil is mostly due to the surge in American oil production, which has increased 75 percent over the last seven years due to fracking. Even the environmentalists at the blog Ecowatch admit today’s low gasoline prices are due to fracking.

Virtually all of this increased U.S. oil production comes from fracking on private and state lands. Energy prices dropped 41 percent over the course of 2015 due to fracking, according to the Energy Information Administration (EIA).

EIA expects gasoline prices will remain relatively low throughout 2016 and should reach a seven-year low of $1.90 a gallon sometime in February.

U.S. consumers spent $370 billion on gasoline in 2014, meaning such drop in gas is equivalent to $102 billion in the pockets of American consumers. American households likely saved $700 to $750 at the pump in 2015 due to increased oil production, according to analysis by the EIA.

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