[2-22-12] “How Iran can send gas prices skyrocketing – The country’s threat to shut the Strait of Hormuz is hitting Americans directly in the wallet.”


I remember conservatives in the 2008 campaign telling people that we needed to drill to lower gas prices, and that the ANTICIPATION of expanded production would lower prices if anything else because the market reacts to the current perception of future output. We needed to “drill baby drill” remember? And in fact when Bush relaxed the offshore moratoriums gas prices did drop soon after. Of course that was hogwash according to Democrats who totally looked past drilling for oil because, in their opinion, any current efforts would certainly take decades before we saw the price of gasoline drop even a single little penny. Well…now a Democrat is in the white house…so apparently potential future supply DOES matter after all in the medias mind, at least according to the title of this news story posted on Yahoo. If Iran THREATENING to close the Straight of Hormuz can raise gas prices, how about Obama shutting down vast areas of local production and torpedoing needed oil pipe lines? Can that raise gas a bit? Well of course Iran’s threat can and does raise prices, as does Obama’s reckless domestic oil policies. I guess we just had to wait for a progressive to be in the white house before we could all agree that anticipated future supply and demand has an impact on the current price of oil.

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