“Drill Baby Drill” means the Oil and Gas industry has the Government steal the oil deposits out from underneath what used to be People’s land so they can show it indefinitely as “Reserves” in the Assets section of their corporate Balance Sheet.
“Drill Baby Drill” does will not force oil and gasoline prices down by increasing the supply of Fossil Fuel being retailed. As they always, always have the Oil and Gas Industry will keep rationing the Public’s access to what Fossil Fuel they have so they can show the Stock Market consistently growing revenue, profit, and asset values (despite temporary changes in consumer demand.) “Strong” Asset values shouldn’t be over looked as a motivating force behind the Industries efforts to maximize its share values. Because the Fossil Fuel industry periodically revalues the Reserves on its Balance Sheet to reflect the prevailing market price of the underlying good(s) (e.g. gasoline at the pump, etc.) it pays Oil and Gas firms MIGHTILY to do whatever they can to keep the market price of gasoline ever growing as it in turn helps the value of their Assets to grow which the Stock Market likes to see. “Drill Baby Drill” is not going to get them to shoot themselves in the foot by flooding the market with an over supply of petroleum products.
It is sort of like DeBeers Diamonds. Diamonds do not derive there value from being a scarce stone. DeBeers’ has warehouse upon warehouse filled with diamond piled up all over the place and they protect the value of what is in these warehouses fiercely. If an independent Diamond mines hits the scene with a boat load of product, DeBeers tells them either we buy your entire operation at pennies on the dollar or we’ll flood the market with diamonds to such a degree you’ll go broke selling them at the prevailing market price.
Which brings up a good point. Iran is currently not the true enemy of what we have seen so far in terms of today’s rising gas prices – our own Oligarchs are to blame! And the “magic bullet” to bring gasoline prices back to reasonable levels and behavior is Obama attacking Wall Street\Big Fossil Oligarchs. That is NOT going to happen. NOT during an election and especially NOT with Citizens United kicking around. (Blue Dog Obama would probably never attack Wall Street and Big Oil even if Citizens United had been rejected.)
Obama’s re-election is more important to him and the Democratic Party than the economic well being of the 99%. Or as they like to say, that’s the price you pay for Democratic Leadership.
Ahmadinejad is playing us through our own weaknesses.
Worse still, come July 2012 the US bankster devised prohibition on facilitating payment transactions from anybody to Iran will definitely increase the price of gas!