Heading into the general election in 2008, then-Sen. Obama insisted that $3.50 per gallon was way too much for Americans to be spending on gasoline at the pump and pinned the blame on "excessive" oil company profits. As this ad shows, Obama's platform at the time called for a windfall profits tax on oil companies, investing in alternative energy sources and the creation of 5 million jobs.
In 2008, the average price for a gallon of gas was $3.36 before falling to just $1.79/gallon on the day Obama took office. After three years, Obama has failed on each one of his 2008 promises and actually made the situation worse by digging into our strategic reserves and placing onerous restrictions on where companies can drill. We're now paying an average of $3.92 for the year and the White House is boasting that gas prices may have peaked and this summer we may only have to pay $4.01 per gallon. Good times.