The price of crude has dropped from $150 to $118 in the last month due to an absence of bad news and reduced demand. Oil falls as low as $118 on demand concerns. By Madlen Read. Washington Post.
Still the campaign to increase the supply of domestic crude on public lands continues in order to reduce the price a penny a gallon 5 to 10 years from now.
Presidential campaigns very often seem to procede off in some alternative universe.
Regarding demand, does anyone recall how Dick Cheney sneered at the notion of conservation of fuel (energy efficiency) back in 2002 after his secret energy task force met?
Time to remember that supply always equals demand except in the very short run or when certain kinds of subsidies are paid, price ceiling or floors are set, or rationing imposed.