MARCH 22, 2012
OBAMATEURISM: “We have subsidized oil companies for a century. We want to encourage production of oil and gas, and make sure that wherever we’ve got American resources, we are tapping into them. But they don’t need an additional incentive when gas is $3.75 a gallon, when oil is $1.20 a barrel, $1.25 a barrel. They don’t need additional incentives. They are doing fine.”
Ed Morrissey responds: “First, oil is not $1.20 or $1.25 a barrel. Today it was trading at $107 per barrel, or around 86 times what the President quoted here. Besides, this is about as big a non-sequitur as one can possibly create on the cost of gasoline. To the extent that this is coherent at all, it sounds as if Obama is claiming that the difference between the price of a gallon of gasoline and the price of a barrel of oil equals profit. That’s about as ignorant a claim on energy costs as I’ve ever heard.” Good thing that dumb cowboy Bush isn’t President, or the media would be making a big deal about this.