1) The President of the United States has something to do with gas prices; and
2) The U.S. can and should be "energy independent."
The first is a myth because of supply and demand. As for supply, with the exception of cartels, it's all poured into one big pool of oil, figuratively speaking. As for demand, it's growing in China and other developing countries and there's nothing we can do about it.
The second is a myth because there is a world market for oil, coal and natural gas, all highly fungible commodities. America is not Venezuela and Obama is not Hugo Chavez: it's not "our" oil and gas, we don't nationalize it. It belongs to huge MNCs like Shell and BP.
It does make sense to talk about "energy security," which Roger Altman explains:
"Let's get to the point where the amount we import from rogue or potentially rogue nations who might be hostile to us is down to a point where, if suddenly that supply was interrupted or shut off, we go right on."
Even so, it's a global market and we must keep this caveat in mind:
Increased energy security on the supply side, however, does not mean energy independence on the economic side. A smaller share of the oil we use in the U.S. comes from foreign sources today than was the case a decade ago. But an increase in the world oil price has left U.S. consumers paying more at the gas pump and reminded them of their continued dependence on market events beyond White House control.
So if people want to blame something, blame capitalism.
By Michel Martin
October 25, 2012 | NPR
URL: http://n.pr/RiDxuF
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