Stephen Moore: Low Gas Prices Show Consensus Is Dead Wrong On Oil

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Investors Business Daily:

It would be hard to find anyone in all of America who has been more wrong on the American energy story than Barack Obama. Oil prices have fallen from $105 a barrel in the summer of 2014 to hovering at $35 a barrel today. That's a two-thirds reduction in the price, and the biggest factor is shale oil brought to you by fracking. In many areas of the country, gas is less than $2 a gallon and could fall further in the weeks ahead.

 

The falling price means, of course, an expanded supply. But now listen to Obama, who has lectured the nation on energy as if he were one of the top experts for the past eight years.

 

In a 2008 Lansing, Mich., speech, presidential candidate Obama was all doom and gloom about oil, advising: "We cannot sustain a future powered by a fuel that is rapidly disappearing."

 

Then in 2010 from the Oval Office he solemnly declared: "We're running out of places to drill," and he jeered that the oil and gas industry might want to pump for oil near the Washington Monument.

 

During a 2011 Weekly Address he referred to oil and gas as "yesterday's" energy sources.