Obama Says Cheap Gas Won't Last - What Does He Know We Don't?

I guess he knows it's not a renewable energy source, one that's priced according to market supply coupled with speculation, that taxes and regulations on fuel have jack all to do with supply and how many times a barrel oil changes hands (see: diesel), and that cars aren't even close to the only thing that needs petroleum.

So if someone claims cheap gas WILL last, then I'd be just as curious to know their reasoning as if someone claims the latter.

We assume at the moment that the price of a barrel of oil may stay low for a couple of years, and it well may, but that's not the only thing that affects what you'll pay at the pump.

According to my sources, we'll have about a 2 year run on cheap gas. Yes, it won't last, but it's not bouncing back to all-time highs tomorrow.

He knows that he will veto the pipeline, further reduce the number of permits to drill on government land and that big spending cash hungry politicians will raise gas taxes even higher. We have the reserves we just don't have the political will or leadership to keep prices down.
If you live in a high tax state like myself just check your water bill...on a $114.00 bill the cost of water is $49.00 with the remainder going to fees, surcharges and taxes. They would tax the air we breathe if they could!

Obama needs to grenade the economy in time for 2016 so the Democrats can blame it on the Republicans.

Sounds like the George Bush strategy of driving the county into the deepest recession since the 1930's. Many US families still haven't recovered from him driving the economic truck off the cliff.

Now the stock market is reaching new highs, gas prices are down, a strong dollar, car sales are up, unemployment is reaching new lows - - - all while most of the world is experiencing a slow down or recessions. It has taken five years to unwind the damage done by the last administration.

@terry, this isn't a democrat or republican issue. Oil prices have tanked and it has nothing to do with who is in office. This is a global market now and the simple fact is, foreign producers do not like the competition created by the domestic shale production. The U.S. has become the largest oil producing country in the world and it has become a problem as foreign producers are seeing their biggest customer decline. By flooding the market with the foreign reserve barrels, it has driven the domestic price down to a level that is going to put our domestic producers out of business. Sure the big boys will survive but the mid level and smaller drillers will not survive this crash in price. This is troubling for any president as the unemployment rate stands to skyrocket if this weak WTI trend continues. Doesn't matter if you love or hate oil... This is a big problem for the U.S. economy. It's great now because everyone can fill up for cheap but this will not last and the outcome will not be pretty if oil prices do not stabilize soon.

No need to grenade the economy for 2016...everyone already knows Obama was challenged with bringing the economy back from the brink of total catastrophe that Republicans gleefully have been trying to blame on the Democrats since. Americans have not forgotten how the Bush Administration drove this country into the ground, and how far we have come since then. Remember through the recovery, every challenge along the way was repeatedly blamed on Obama...everything from the weather to any Republican having a hang nail has been blamed on Obama. The rest of America is not even listening to you any more...and in fact, Republicans will have to be on their best behavior in prep for 2016...unless they don't care about taking over the Presidency. There were no huge gains in Congress for them...no landslide victories...just temporary, narrow-margined gains. Expect to see a lot of cooperation in government if the Republicans are the least bit interested in listening to the American people after having been such staunch obstructionists for so long. Granted, I am not saying Democrats are perfect...in fact, most politicians are blood-sucking losers, but there are some who remember they work for the American people...and no, I am NOT a Democrat.

Oil producers are slashing budgets and plans for 2015 due to the WTI crash. In turn... We will have less domestic production to place at our US based refineries. Barrels will be tough to come by and we will be forced back into buying foreign crudes. As demand goes up for those barrels and competition rises with foreign refiners for that supply, US refiners will be forced to pay more and the consumer will see that in the form of higher gas prices. Foreign oil producers hate the North American shale competition and OPEC flooding the current market will have a long term negative effect on domestic supply and increase our need for foreign crude. So... Enjoy it while it lasts. We are going right back to the mid 80s again.