More evidence that Obama doesn't have a clue about basic economics: Impact of the Keystone XL pipeline on gas prices
President Obama doesn't seem to understand that there is a worldwide market for gasoline. If you lower the price in Europe, it will lower the price in the US. Oil companies will ship gasoline to the place where they can get the higher price and they will keep doing that until the prices in all the places are the same. From Bloomberg:
“Understand what this project is: It is providing the ability of Canada to pump their oil, send it through our land down to the Gulf where it will be sold everywhere else,” the president said yesterday during a visit to Yangon, Myanmar. “It doesn’t have an impact on U.S. gas prices.” . . .
Labels: obamadoesntunderstandeconomics
posted by John Lott at 6:30 PM
3 Comments:
Well all they are arguing about is how the tar sands oil is shipped: Truck, train or pipeline.
The pipeline is the most environmentally friendly.
I think the anti pipeline people think that stopping the pipeline stops the oil. No! That just means the oil comes in trucks and trains.
He DOES have a clue. He doesn't care. His progressive principles are more important than ANY variety of economics.
When are we going to learn that we are not dealing with a man of reason, but a man of idealism?
He also completely ignores the fact that American oil from the Bakken would flow through the very same pipeline with greater efficiency.
Hard to believe he could be that ignorant or incompetent. No one, however, has ever accused him of being honest.
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