"The American People Aren't Stupid" -- "So, Let Me Tell You Why Gasoline Is So Expensive" -- President Obama

The Wall Street Journal link is here.

1. US monetary policy.

Oil staged its last price surge along with other commodity prices when the Fed revved up its second burst of "quantitative easing" in 2010-2011. Prices stabilized when QE2 ended. But in recent months the Fed has again signaled its commitment to near-zero interest rates first through 2013, and recently through 2014. Commodity prices, including oil, have since begun another surge, and hedge funds have begun to bet on commodity plays again. John Paulson says he's betting on gold, the ultimate hedge against a falling dollar.

2.  Slow-rolling the oil industry in the Gulf of Mexico

• Normally, under President Bush: 7 deep-water permits over three months
• Under President Obama: 3 deep-water permits over most recent three months

• Normally: 15 shallow-water permits over most recent three months
• Under President Obama: 5 shallow-water permits over most recent three months

3. Slow-rolling the oil industry in the Gulf of Mexico

• Normally, under President Bush: 60 days to get an off-shore permit approved
• Currently, under President Obama: 90 days

• Approval average, normally, under President Bush: 75%
• Currently, nder President Obama: 25%

4. The Keystone XL: killed (no direct effect on current prices, but EMBLEMATIC of the administration's policies regarding the oil industry)

5. The future: "now is the time to raise taxes on oil and gas companies" -- POTUS

He must not believe the economic truism that when you tax something you get less of it, including fewer of the new jobs they've created.

If you don't believe that, look at what has happened to Great Britain's North Sea drilling.

Hofmeister said despite high oil prices/high gasoline prices, it's "business as usual." No, it's not. Current administration is slow-rolling the oil and gas industry and slow-rolling the American public.