While visiting California Monday, Republican presidential candidate Newt Gingrich said that he would accelerate domestic oil exploration (LATimes). “We know how to get gasoline prices back down. Produce more gas,” he said. “Join us in a campaign to drill here, drill now, pay less and let’s get back to $2 a gallon gasoline.” Gingrich’s remarks came as the U.S. average for regular gasoline climbed to $3.523 a gallon (LATimes) over the last week and $3.835 in California, a likely indication that prices at the pump will rise to some of the highest levels ever this year.
To see more about the candidates’ positions check out CFR’s Issue Tracker on Energy.
Suggested Other Reading:
CFR’s Michael Levi explains the energy challenges the winner of the 2012 presidential election will face, including reducing dependence on oil to protect the economy from oil price instability, facilitating development in a sustainable manner, and unexpected crises.
John A. Laitner writes in a New America Foundation working paper that a shift is needed from price-driven energy policies towards one that focuses on income and investment in order to improve transportation system efficiencies that locks the United States “into a pattern that weakens the economy.”
This CFR interactive timeline looks at oil dependence and U.S. foreign policy, including consumption, production, and notable price shocks.
– Contributing Editor Liriel Higa