Thursday, March 22, 2012
President Barack Obama says increased drilling across the country would not bring down gasoline prices immediately, and that anyone who suggests otherwise hasn't been paying attention.
The president spoke Thursday morning near the Cushing oil hub and said he wanted to speed up work on a pipeline between Oklahoma and refineries on the Texas Gulf Coast. He said his administration backs increased oil and gas production, but that global economics dictates how prices fluctuate.
He noted that the United States uses 20 percent of the world's oil but produces only 2 percent. He said that even an oil well on the White House lawn or next to the Washington Monument wouldn't bring down gas prices.
Gas prices have risen since January, making energy more of a political issue this year.