More oil BS

Gas prices rise and the GOP blames the Democratic president.  Here is why this is BS:

1.  Oil prices are rising primarily due to speculation in the oil futures market that currently reflects increased risk represented by Iran's threat to shut down the Strait of Hormuz.

2.  Oil prices are set by the world market, not by a president.

3.  Newt and brain donor Palin blame Obama saying he needs to drill baby drill.  The US has 3% of the world's known oil reserves which is approximately 21 billion barrels of oil.  The US consumes approximately 20 million barrels per day.  If we drained all of our known reserves and used only our oil then we would be out of oil completely in less than 3 years....then where would we be with the middle east?  Think they may try to bend us over....hmm? 

 

4.  If we did drill baby drill and flood the market with our oil in order to lower the world price it would only last a few days or weeks before OPEC simply cut their production thereby causing the price to go back up again and we will have spent our own reserves.

5. Did you ever think it may be our strategy to use the oil from the rest of the world before we use our own?   I'm just saying.