Political Quotes

“It does. I think most people get it. Because even if you do not have a degree in economics, and I do not, we understand the law of supply and demand works. So if you are going to cut the supply, as has happened, you are going to see prices go up. Let me give you an example. In 2010, the President cancelled leases in the Gulf of Mexico and the Mid-Atlantic. In 2011, he put forward a 5-year lease plan that reinstitutes a moratorium in the Atlantic, Pacific, halves the number of lease sales in the old plan. So, again, if supply is going down, you are likely to see prices go up. That is exactly what has happened. He slowed down permits for deepwater and shallow water drilling in the gulf. He is now set to impose severe new regulations on oil refiners. That is going to further raise prices. Speaking of oil refineries, that is a big part of the cost of gasoline. About 11 percent of the cost, according to the American Petroleum Institute, of the price of gasoline comes from refining. By putting more and more regulations and costs on refining, you are going to have an impact on prices as well that is negative and hurting our families. The EPA, the cap-and-trade regime, did not get through the Congress. So they are moving ahead through regulations, causing a lot of uncertainty, a lack of construction of refineries. The first new refinery in a generation, in fact, has been delayed because of it.…”