If you needed evidence that Michele Bachmann is just another opportunistic demagogue — and not a very bright one at that — you need look no further than her promise to bring gasoline prices down to $2 a gallon.
There are two ways for the price of gasoline to fall that far right now. One would be if the economy plummeted further and demand fell dramatically. The other is if the government artificially imposed price controls. Let’s be very clear about this. A president cannot control gasoline prices — unless that president is going to use coercion.
Bachmann claims she will achieve her populist miracle by opening up new areas to drilling. I think that’s a good idea, but the amount of oil that can be taken from those areas is a drop in the bucket compared to world demand and U.S. demand. It’s not enough to shave prices at all, much less as much as she’s claiming.
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