Obama mocked the GOP idea that drilling for oil would lower gas prices...

[Jim in CT]

Originally Posted by PaulS

I've already said he doesn't deserve the credit for the increase in supply but he deserves some credit for the decrease in demand as a result of his policies being put into place. Pricing is based on 000s of different things. Anything that changes makes a difference. Supply and demand are not monolithic??? they both have many components.

So you say that...

(1) the price of oil is influenced by worldwide supply and demand
(2) Obama did not do anything to increase the supply

So far, so good...

Here's my #3...
(3) Since worldwide demand is higher than it was last year, the price drop must be due solely to the increase in supply, which Obama deserves no credit for.

Now, I'll concede that without those new cars getting slightly better mileage, worldwide demand, and thus prices, would likely be a tick higher than they are now. But that's not the same thing as saying he had anything whatsoever to do with the current price drop, which seems to be a result of excess supply, which has at least something to do with frakking, which liberals would stop in a nanosecond if they could.