President Obama Says Cheap Gas Prices Won’t Last

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Yesterday, in a phone interview with The Detroit News, President Barack Obama warned the American public that cheap gas prices won’t last forever. That is why, he says, it’s important to continue to support the advancement of fuel efficient vehicles.

obama2“I would strongly advise American consumers to continue to think about how you save money at the pump because it is good for the environment, it’s good for family pocketbooks and if you go back to old habits and suddenly gas is back at $3.50, you are going to not be real happy,” President Obama said.

Some experts believe that the current gas price situation could last up to two years (at the longest). This scenario hinges on OPEC’s continued refusal to cut production, which would keep the market flooded  and drive prices down– creating circumstances that would eventually force competitors into submission and give OPEC complete control over oil prices.

Wells Fargo Chairman and CEO Richard Kovacevich says, “[OPEC] is playing this game to see how long it’s going to last. They want to punish some of the fracking that’s going on.”

Oil, however, hasn’t been the only thing on the president’s mind recently. Just one week before the North American Auto Show, President Obama during the interview made sure to  boast about his administration’s bailout of the U.S. auto industry– a move that he reiterates saved millions of American jobs.

“It’s been a good deal for the American taxpayer. It’s been a good deal for autoworkers. It’s been a good deal for America and it saved about a million jobs,” Obama said.

obama3With all of that in the past, though, he stated that he is also ready to shift his focus. Instead of bailing out companies, the president is once again attempting to throw his weight around the automotive arena, championing the new, advanced technology of fuel efficient vehicles and the country’s energy policy.

In his interview, he said, “The American people should not believe that … demand for oil by China and India and all these emerging countries is going to stay flat. Just demographics tell us demand is going to continue to grow, that over the long term it will grow faster than supply and we have to be smart about our energy policy.”

“The auto industry has led a resurgence of manufacturing in America,” the president added. “The quality of the cars has gotten so much better that we are competitive — not just in SUVs — but up and down the line. The branding of American cars is back to where it should be.”

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