On a campaign trail rife with inaccurate gas price promises, Mitt Romney fought the idea that speculation and heated rhetoric on Iran is boosting gas prices. Romney instead argued high gas prices are related to insufficient drilling offshore, drilling in the Arctic National Wildlife Refuge, and the Keystone XL pipeline, saying “those things affect gasoline prices, long term”:
Maybe it’s related to the fact that you stopped drilling in the, in the Gulf. Maybe it’s related to the fact, Mr. President, that you are not drilling in ANWR. Maybe it’s related to the fact that you said we couldn’t get a pipeline in from Canada known as Keystone. Those things affect gasoline prices, long term.
Romney brushed off speculation’s role in the gas price spike, but McClatchy writes that oil prices have been skyrocketing “thanks again in no small part to rampant financial speculation on top of fears of supply disruptions… When they dominate the market, as they do, speculators’ bids can make their prophecies self-fulfilling.”
The Republican “solution” to drill more would mean “more profit for domestic crude producers rather than significantly lower gasoline prices for Americans,” according to the Koch-funded Cato Institute. The Wall Street Journal also wrote, “producing a lot of oil doesn’t lower the price of gasoline in your country.”
Like Newt Gingrich, who promises $2.50 gas, Romney’s claim that “drill, baby, drill” helps the 99 percent has no support.