Remember when President Obama said in 2012, “We can’t just drill our way to lower gas prices”? The Smartest President Ever was as wrong as he was on Obamacare saving the average family $2500 a year. Oil prices have just skidded below $57 a barrel for benchmark Brent crude, down 45% since June. Agraph from the UK Telegraph tells the story. Unlike previous falls in oil prices, this price decline is due to rising production, not falling demand. Amrita Sen writes in the Financial Times: …this time it is different and not just because of the relative scale of price moves. The 2014 sell-off originated in the oil market: first from rising inventories as demand weakened and unplanned outages eased; and then when Opec — effectively Saudi Arabia — decided not to intervene and let market forces rule. One of the reasons Saudi Arabia relinquished its role as a swing producer is precisely because of these differences — in 2008, external...(Read Full Post)