Last night, President Barack Obama dropped the biggest campaign gaffe of the season – only the media wasn’t watching. It happened during his testy exchange with Mitt Romney over gas prices. First, Obama denied that he’d done anything about denying licenses on oil and gas; he backed off of that shortly. Then he denied that production on federal land was down; he was lying. Finally, Romney hit him with this devastating line:The proof of whether a strategy is working or not is what the price is that you’re paying at the pump. If you’re paying less than you paid a year or two ago, why, then, the strategy is working. But you’re paying more. When the president took office, the price of gasoline here in Nassau County was about $1.86 a gallon. Now, it’s $4.00 a gallon.Obama’s response was horrendous:
Well, think about what the governor — think about what the governor just said. He said when I took office, the price of gasoline was $1.80, $1.86. Why is that? Because the economy was on the verge of collapse, because we were about to go through the worst recession since the Great Depression, as a consequence of some of the same policies that Governor Romney’s now promoting. So, it’s conceivable that Governor Romney could bring down gas prices because with his policies, we might be back in that same mess.In other words, bringing down gas prices by drilling creates economic recession. That was Obama’s argument.
Does anyone think this president understands basic economics?
To me this is the worst type of gaffe, because it involves substance, not some brain fart or slip of the tongue. Also recall that in 2008, Democrats, including, I believe, then candidate Obama hammered President Bush over high gas prices. Of course the media completely missed this gargantuan gaffe.
Candy Crowley, who moderated the debate like she has a poster of Obama over her bed, should have given this response
Chris at Wyblog pours even more scorn on President Clueless
There is so much sand-pounding stupidity in that statement, I don’t know where to start. FortunatelyElizabeth Price Foley guest-blogging at Instapundit schools The Smartest Guy In The Room using words even an Obamabot can understand.
Gas prices, like anything else, are a function of supply and demand. A recession or depression reduces demand. If supply stays constant, gas prices will fall. But if the supply side of the equation is also negatively affected/reduced — as, for example, the reduction of leases and drilling on federal land, as pointed out by Romney — gas prices should rise (as they have). The bottom line? Gas prices should have — probably would have — fallen in our current recession, due to decreased demand. But since the Obama Administration’s anti-carbon, anti-fossil fuel policies have taken hold, the negative impact on supply has outpaced the reduction in demand, leading to significantly higher prices.
From The Daley Gator: http://thedaleygator.wordpress.com/