Republican ranking member of the Senate Committee on Energy and Natural Resources, Lisa Murkowski (R-Alaska), sees President Barack Obama as just parroting Republican proposals for solving the nation’s energy price crisis. According to Senator Murkowski this is primarily a supply and demand issue and President Obama’s refusal to allow for an increase in drilling on federal land and drilling in the non-wilderness areas of the Arctic Natural Wildlife Refuge has led to the high energy prices we are seeing now.
I say energy prices crisis because no one is arguing that we are running out of sources of energy such as natural gas, coal, nuclear, geothermal, or oil. Global demand has reportedly increased for oil, which is plausible given growth in consumption in emerging markets such as China and India.
The emerging market argument may not be of comfort to Americans this upcoming driving season. According to the Energy Information Administration, between January 26, 2009 and February 27, 2012, gas prices at the pump have increased 98.74% from $1.832 a gallon to $3.641 a gallon. The Bush Administration suffered a stroke of Irish luck during its second tour of duty with gas prices falling from $1.839 per gallon on July 14, 2008 to $1.832 on January 26, 2009.
Given the Bush Administration was hot and heavy into two wars, what did they do or not do to keep prices relatively flat? Did the Obama Administration do something wrong? If so, what?