Two main factors would bring the price of oil–and thus gasoline–down in a hurry: decreased demand, or increased supply. We’ll see neither, and therefore will be looking at five or six dollars per gallon in the near future.
Think about it. While Americans are indeed driving more fuel-efficient vehicles, we are still far too fat and happy to decrease our demand enough to affect oil prices, especially considering that demand for oil across the world–due to burgeoning growth in China, India and Latin America–is on the increase as a whole and America only makes up about 20 percent of the world economy.
We’re not going to see an increase in supply, either, for a number of reasons. First, the Saudis will inevitably rebuff President Bush’s demands for increased oil production during his visit today, perhaps on account that other customers have not made similar requests. Furthermore, our own government continues to stymie any increase in production here — again, the liberal spokesmouths for the environmental lobby in Washington continue to regulate America to death, refusing to let our own industry and our own economy compete on a level playing field with global counterparts.
For instance, certain offshore spots for oil drilling are off-limits to our own companies–off the coast of Florida, California, etc.–while companies from China and Venezuela drill freely. We haven’t had a new refinery built in the United States since 1976. And just yesterday, the Senate rejected opening up ANWR for exploration and drilling — the democrats obviously prefer to bleed the American economy to death while filling the coffers of terror-supporting states with whatever credit we’ve got left.
The same people that blame President Bush for our faltering economy are the ones that will not foster its growth. Cap-and-trade legislation, refusing to allow drilling offshore, blocking efforts to get at the 100 years’ worth of shale oil in the western United States, even naming the polar bear to the endangered species list–despite healthy population numbers–adversely affects America’s economy.
We’re losing footing with regard to the rest of the globe, and the political left in this country are hastening the fall.