Today, just like he stated in 2008, Energy Secretary Chu
admitted to a House committee that the administration is not interested in lowering gas prices.
Chu, along with the Obama administration, regards the spike in gas prices as a feature rather than a bug. High gas prices provide an incentive for alternate energy technology, a priority for the White House, and a decrease in reliance on oil for energy.
David Harsayni wrote about this very conundrum five days ago. Now we better understand why Obama nixed the Keystone Pipeline project. As I mentioned earlier, a project of this magnitude moving forward has an immediate effect on the markets by changing the traders’ expectations of future supply. Having more oil available in the marketplace contributes to lower prices for consumers. So when the project was tabled, the markets reacted accordingly.
I guess the White House knows what’s best for us better than we do.