STILL TRUE

I've noted before (also here and here) that "drill, baby, drill" isn't a solution to higher gasoline prices and I'm glad to see that this reality is starting to sink in:

Obama announces steps to speed US oil production
May 14 02:18 PM US/Eastern
By DARLENE SUPERVILLE and DINA CAPPIELLO
Associated Press

WASHINGTON (AP) - Amid growing public unhappiness over gas prices, President Barack Obama is directing his administration to ramp up U.S. oil production by extending existing leases in the Gulf of Mexico and off Alaska's coast and holding more frequent lease sales in a federal petroleum reserve in Alaska. But the moves won't calm spiraling prices at the pump any time soon.

"There is practically nothing that Washington can do that would materially change the price of fuel in this country," said Raymond James analyst Pavel Molchanov, noting that the United States produces about 5 percent of the world's petroleum while consuming about 20 percent. "Given that imbalance, there is simply no policy shift that could plausibly come from the federal government that can significantly change that dynamic."

I'm also glad that Pres. Obama gave in because thus will blunt the assaults of the idiotic "drill, baby, drill" crowd.