Supply and Demand

I just finished reading the article "Obama Sets Gas Prices? Just Another G.O.P. Myth." After reading the article, one quote that stood out to me was "If only the president had the power to give us $2.50-a-gallon gasoline, as Newt Gingrich promised to do if he got to the White House. It is ridiculous to think that a president can." I found this quote to be important because I wonder how realistic the idea of a gallon of gas being $2.50 in the United States is. Throughout the years since 2000, the price of a gallon of gas has increased,and in 2009 it was over $4 a gallon. The concept of supply and demand applies to gas, maybe more to gas than to any other product.

What Newt gingrich said reminds me of the presidential election, and how people running for president promise all sorts of things to get into office. If Gingrich secured the Republican nomination and managed to beat Obama, I would be shocked to see the cost of a gallon of gas go down to $2.50. However, I doubt Gingrich would manage to beat Romney and face Obama for the next election.