What President Obama’s Saturday radio address should have said:
“My fellow Americans. Today, I am directing the Department of the Interior to conduct annual lease sales in the National Petroleum Reserve-Alaska.
“This is a transparently political move. My order will not reduce gasoline prices this year or next year. However, if you believe that my action today will help lower gasoline prices, your misplaced belief might improve my chances for re-election next year. That’s important.
“Just so you know, gasoline prices are a function of crude oil prices, which are set in a worldwide market. Even if additional oil from northern Alaska came on the market this year – which it won’t – it wouldn’t add enough supply to the global market to drive prices down significantly.
“You should also know that oil companies producing new oil from Alaska will not give Americans a discount because I was kind enough to order up more production in America. They will sell that oil at the world price. That world price will largely determine the price of gasoline that you pay. If rising Chinese demand causes the world oil price to rise, gasoline prices will rise also. That’s just tough cookies, folks.
“My Republican friends in Congress will probably dismiss my transparently political move as too little, too late. That’s OK, but I would ask them to acknowledge that they too are trying to hoodwink the voters with glib statements that more domestic drilling is an easy answer to high gasoline prices.
“Oil dependence is a strategic liability. As long as we’re heavily dependent on oil, our economy will be vulnerable to price spikes and our security will be at risk. However, Congress and I are not likely to do much about this until after the next election, or after the following election. Hey, that’s just politics.
“Meanwhile, I hope you have great vacation plans for summer. Better budget more money to keep your gas tank filled. There is nothing that I or Congress can do this year to help you. Thanks for listening.”