Obama seems to have no clue about basic economics.
Oil is a commodity and a good chunk of the supply is controlled by OPEC, a cartel. A cartel by definition sets production so that the supply is lower than demand, creating higher prices.
It so happens that the demand is out stripping supply because of high economic activity in China and India.
How do US oil companies control the price then? The don't they are price takers and pass along the cost to the consumer!!
Taxing the oil companies does nothing to alleviate the costs to the US consumer!
What a novice!
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