America produces 200 times as much oil as Germany, but our gas prices rise and fall in tandem (we pay far lower gas taxes). Source: Energy Information Administration and NY Times.
The issue of gas prices has not only been misunderstood but thoroughly distorted by relentless ideological spin from industry and its political allies, mainly Republican. Hardly a day goes by that some industry cheerleader somewhere — be it Gov. Bobby Jindal of Louisiana or Senator James Inhofe of Oklahoma — does not flay President Obama for driving up oil prices by denying the industry access to oil and gas deposits and imposing ruinous environmental rules. Senator John Barrasso, a Wyoming Republican, said last week that Mr. Obama should be held “fully responsible for what the American public is paying for gasoline.”
In 2005, oil imports accounted for nearly 60 percent of America’s daily consumption. In 2010, for the first time in recent memory, imports were less than half of consumption, and last year, imports were only 45% — 8.6 million barrels a day of the 19 million consumed. Source: EIA
With developing countries like China and India demanding more petroleum, prices are likely to stay high. That’s reality — no matter what the Republican spinners say. Only a rounded policy mix of greater fuel efficiency, steady production and the aggressive development of alternative fuels can protect American consumers against what could be even greater price shocks in the years ahead.