Photo credit: Gage Skidmore (Creative Commons)
Former House Speaker and current Republican presidential hopeful Newt Gingrich has promised voters that gasoline will be $2.50 per gallon after he becomes president. In fact, Gingrich thinks he may even be able to get the price down to $1.20 per gallon. “His promise to go the moon is easier to achieve,” says Michael Lynch, president of the oil consultancy Strategic Energy and Economic Research. “We may see $2.50 per gallon gas again, but not because of anything that any president does.” Gingrich’s pitch is attractive to consumers who are confronting pump prices that average $3.83 per gallon and which are expected to go even higher later this year. Why doesn’t Gingrich promise free daily ice cream and cake for everybody while he’s at it?
Sadly, Gingrich has apparently gotten some traction among voters with his specious promise. After all, who does not hate high gas prices? A recent Washington Post/ABC News poll reports that two-thirds of Americans disapprove of how President Barack Obama is handling the gasoline situation. In addition, only 38 percent approve of his energy policies, down from 55 percent in August 2009.
Why are gasoline prices going up? It’s simple—because oil prices are going up. The price of crude oil accounts for about three-quarters of the price of a gallon of gasoline. Taxes account for another 12 percent or so; refining is about 6 percent; and transportation and distribution is another 6 percent. So what accounts for the higher price of petroleum? Again, it’s simple: demand and supply.
Read more at Reason.com.
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His statement is NOT despicable! He’s got more brains in his little finger than there is in the whole damned Democrat Party. I realize Newt’s not going to be nominated so his statement cannot be debated. Let’s just hope we’ll get a nominee that has some sense!
Ditto on the first sentence but don’t be so sure on the second sentence. I believe he would not be staying in if he didn’t know or understand how it works. I also believe the dems and some of rep. are scare to death of Newt cause they know he is able to tare down and dismantle all of their hard work they have done over the years in changing our Country and not only get our Country back but give our Country back to us. NEWT 2012 !!!!!!!!
As I’ve said for a while, he’s hardly different from Obama the LIAR-in-chief!
Do people really want ANOTHER LIAR as president? (Mitt is also a mini-Obama). Too bad Santorum is wet-behind-the-ears as proven by he wanting to bomb Iran, which is likely to lead to WWIII.
Too bad folks aren’t more behind Ron Paul who is for the constitution, against the Federal Reserve (which prints “money” from smoke and charges “interest” on it) and NDAA (which allows the “president” to declare anybody as a “terrorist”, throw them in prison, and keep them there indefinitely without a Trial)
I’m sorry i got as far as your first line and you could not be more wrong. What’s wrong with you ? It’s people like you that get people like obama elected because of your misinformed thinking. Wow the dems and rep. (who mine-as-well cross over ) has done a number on you just like the mines of many beautiful Americans. And mitt is not a mini obama he is obama the only difference is the skin color and maybe he has no interest in completely change our whole system that is what makes America but what he does represent is as close as what obama does. And Newt sees this ( And don’t tell me about his past, he has asked for forgiveness was given it, it is now in the past, move on ) He knows how to deal with it in order to give our Country back to us. I don’t know about you but that is what i’m wanting Newt has my vote.
Like Coach Mike Ditka says: C’MON MAN! We got back to $2.50 gas after Bush was out of office, we can damn sure do it again by building the Keystone Pipeline, opening wells on federal lands that were drilled on and then capped. We can re-open wells in the Gulf that Owebumbler put a moratorium on, we can speed up the permit process–it is working at HALF the normal process it was under Bush, it’s time ONCE AND FOR ALL to DRILL in ANWAR! The legislation signed by Bill Clinton that created Alaska National Wildlife Refuge INCLUDED 2000 ACRES of property TO DRILL AND DEVELOP OIL PRODUCTION ON! The area for production WAS PART OF THE BILL!! The U.S., Mexico, Canada have enough oil resources to DOMINATE the world market! It’s time for a TRI-NATION co-operation to produce domestic oil not only for North American continent, SELL ON THE OIL MARKET AND PUT OPEC OUT OF BUSINESS!! Sell at lower prices and COLLAPSE OPEC under their own prices. Without INCOMING oil revenues–those nations of OPEC will have to RAISE prices in their own countries to support their govts.