The day that the president became president, gasoline was $1.79 a gallon. Look at what it is today. Under President Bachmann, you will see gasoline come down below $2 a gallon again. That will happen.

Additional oil production resulting from the opening of ANWR would be only a small portion of total world oil production, and would likely be offset in part by somewhat lower production outside the United States. The opening of ANWR is projected to have its largest oil price reduction impacts as follows: a reduction in low-sulfur, light crude oil prices of $0.41 per barrel (2006 dollars) in 2026 for the low oil resource case, $0.75 per barrel in 2025 for the mean oil resource case, and $1.44 per barrel in 2027 for the high oil resource case, relative to the reference case.

Oh, and then there's this. Still, a return to $2.00/gallon probably sounds good to some voters, right?

Regardless of where you sit on this issue, you can check out Bachmann delivering her gas price pledge in a brief video after the jump.

Continue reading Presidential candidate Bachmann promises gas under $2.00/gallon if elected

Presidential candidate Bachmann promises gas under $2.00/gallon if elected originally appeared on Autoblog on Wed, 17 Aug 2011 17:30:00 EST. Please see our terms for use of feeds.

High oil prices see sheikhs on supercar-buying binge originally appeared on Autoblog on Fri, 08 Jul 2011 11:29:00 EST. Please see our terms for use of feeds.

We don't want the West to go and find alternatives, because, clearly, the higher the price of oil goes, the more they have incentives to go and find alternatives.

Saudi prince worried over increasing fuel economy standards and technology originally appeared on Autoblog on Fri, 03 Jun 2011 17:56:00 EST. Please see our terms for use of feeds.

AP looks into what factors determine gas prices originally appeared on Autoblog on Fri, 11 Mar 2011 16:00:00 EST. Please see our terms for use of feeds.

Wikileaks: U.S. believes Saudi Arabia is running out of oil originally appeared on Autoblog on Wed, 09 Feb 2011 15:24:00 EST. Please see our terms for use of feeds.

Continue reading DOE: Oil will average $99/barrel by end of 2012; gas $3.29 per gallon

DOE: Oil will average $99/barrel by end of 2012; gas $3.29 per gallon originally appeared on Autoblog on Tue, 01 Feb 2011 10:31:00 EST. Please see our terms for use of feeds.

America might get most of its oil from Canada, but the moves that OPEC makes still reverberate here. Thus, a statement by the

[Source: Bloomberg | Image: David McNew/Getty]

Kuwaiti Oil Minister reportedly says OPEC won't increase production until prices hit $100/barrel originally appeared on Autoblog on Thu, 11 Jun 2009 16:57:00 EST. Please see our terms for use of feeds.

Interactive map reveals our global oil useage by barrel, money originally appeared on Autoblog on Sat, 10 Jan 2009 10:02:00 EST. Please see our terms for use of feeds.

The NYT chimes in: time for a gas tax originally appeared on Autoblog on Sun, 28 Dec 2008 13:04:00 EST. Please see our terms for use of feeds.

Continue reading Gas too cheap: OPEC approves largest output cut ever

Gas too cheap: OPEC approves largest output cut ever originally appeared on Autoblog on Wed, 17 Dec 2008 16:30:00 EST. Please see our terms for use of feeds.

Obama talks oil addiction in first post-election TV interview originally appeared on Autoblog on Mon, 17 Nov 2008 18:58:00 EST. Please see our terms for use of feeds.

Gas prices pleasant as economy tanks originally appeared on Autoblog on Fri, 10 Oct 2008 18:32:00 EST. Please see our terms for use of feeds.

Oil back below $88 on Monday originally appeared on Autoblog on Tue, 07 Oct 2008 07:58:00 EST. Please see our terms for use of feeds.

The price of crude oil dropped below $100-a-barrel yesterday (its lowest level since February) as the slowing economy -- bringing with it a reduced demand for oil -- raised concerns. Interestingly enough, the drop in crude didn't affect the price of gasoline as it rose 16 cents per gallon due to refinery closures from Hurricane Ike. The storm only caused moderate damage to oil platforms, but more than a dozen Texas and Louisiana refineries were shut down or idled ahead of the storm. It was just July when crude oil prices peaked at just over $145 per barrel, and gas prices neared $5 in many parts of the country. The high cost of fuel over the summer stymied drivers, who cut back on consumption forcing the price of oil to slowly retreat. Analysts who predicted doom ($200-a-barrel by the end of the year) are now scaling back their forecasts, and some have even predicted crude may eventually drop to $70-a-barrel. While we obviously welcome any drop in the price of crude, it's the volatility -- the sharp fluctuations as a result of market conditions -- that we would also like to see addressed.

[Source: New York Times, Photo by ADEK BERRY/AFP/Getty]

Crude oil plummets to below $100/barrel originally appeared on Autoblog on Tue, 16 Sep 2008 09:29:00 EST. Please see our terms for use of feeds.

There's been a lot of head-scratching about the exact cause of the meteoric rise in price for a barrel of oil. Are speculators driving it to turn a quick buck? Is it the weakening value of the U.S. dollar? How about increaded worldwide demand? Chances are, all those forces are playing a part in the rise of fuel prices, and no single solution is likely to fix the problem.

Just as it was starting to look like prices would rise on a daily basis for the rest of eternity, the price of a barrel of oil dropped by $16 from Tuesday to Thursday. Economists point to the dismal economic and inflation news as a main factor for the drop. All we know is that ever since gas got more expensive, everything else started to follow suit. That leads us to spend less on things that we don't absolutely need, which probably isn't good for the economy.

With news of the large drop in the price of a barrel of crude, Wall Street got all excited and responded with a couple days of very positive gains in the stock market. Good news, right? Well, oil jumped by over $2 on Friday morning alone, so we'll have to see. Is the $4 per gallon nightmare almost over? Probably not, but we can hope.

[Source: Yahoo, Photo: Getty/Justin Sullivan]

Is it over yet? Oil prices drop like a rock originally appeared on Autoblog on Sat, 19 Jul 2008 13:06:00 EST. Please see our terms for use of feeds.

G8 nations ask for more oil, pledge to use less originally appeared on Autoblog on Mon, 09 Jun 2008 18:30:00 EST. Please see our terms for use of feeds.

A scientist in the U.S. Department of Energy's science and energy research unit has said "Energy independence is a realistic goal for the United State of America," by 2030. There are, of course, a few caveats to that. First is that by the word "independence," he doesn't mean not using any oil entirely -- he means getting oil consumption down to a point where our usage is "not subject to restraining or directly influenced by others as consequence of the need for oil."

That, Greene says, is an issue of economics, not one of politics or the military (inasmuch as they can be separated). The key is to get the cost of importing oil down to one-percent or less of the U.S. GDP, which, by the way, is where it was during the heady we-can-take-baths-in-oil-there's-so-much-of-it decade of 1990-2000.

Greene thinks the Energy Independence Security Act will be the guide leading the way to this kind of oil independence, due to the CAFE increase, decreased demand for thirsty vehicles, and increased production and demand for biofuels and alternative energy cars. So now that the oil situation is licked, the only thing you'll need to worry about come 2030 is paying $12 for a cob of corn.

[Source: WardsAuto]

Oil independence possible according to DoE scientist originally appeared on Autoblog on Wed, 04 Jun 2008 08:02:00 EST. Please see our terms for use of feeds.

Hurricane season may bring $6-a-gallon gas originally appeared on Autoblog on Mon, 02 Jun 2008 09:01:00 EST. Please see our terms for use of feeds.

Is $200/barrel oil around the corner? originally appeared on Autoblog on Sun, 09 Mar 2008 14:04:00 EST. Please see our terms for use of feeds.

According to a study by the Energy Watch Group (EWG), all of you Mad Max fans out there might get the chance to live the movie if oil production continues to decline. The oil industry believes Earth's oil reserves can last about another 42 years at current pumping rates. Energy Watch, basing its conclusions on actual rates of production, says that oil production has declined since 2006 and will continue to do so -- by 2030, oil production could be half of what it is today.

The situation we're headed for -- and that some predict as soon as next year -- is called "peak oil." That means that although plenty of oil is still being pumped and sold, there isn't enough of it to go around. And that means the possibility of "widespread blackouts, the virtual collapse of transportation infrastructure in industrialized countries and a shortage of petroleum-based chemical fertilizers necessary to grow most of our food." And that means war, famine, pestilence, and hunger. A situation that is otherwise known as "deep doo-doo."

Of course, the caveat to all of this is that no really knows how this is going to play out. Long-range predictions have a way of being false as often as they're true (paperless office anyone?). We aren't suggesting that EWG is wrong, and we aren't saying that we don't need to be a lot smarter about our resources... but a lot is going to change between now and 2030. Who knows -- if a $30,000 Volt arrives in 2010, we could get another hundred years out of our oil supplies. Nevertheless, in case a Road Warrior future is in store, you might want to start practicing your lines now. Say it with us: You can run, but you can't hide!

[Source: Green Daily]

Will peak oil trigger Mad Max society? originally appeared on Autoblog on Wed, 13 Feb 2008 08:31:00 EST. Please see our terms for use of feeds.