President Obama thinks that oil is $1.25 a barrel:
We have subsidized oil companies for a century. We want to encourage production of oil and gas, and make sure that wherever we’ve got American resources, we are tapping into them. But they don’t need an additional incentive when gas is $3.75 a gallon, when oil is $1.20 a barrel, $1.25 a barrel. They don’t need additional incentives. They are doing fine.
(That’s the White House transcript.)
Oil (Brent Crude) is currently trading at $125.10. Obama is off by two orders of magnitude! Good thing those cowboys that understand the oil industry are out of office.
(Via Hot Air.)