President Obama was not shy about taking credit for low gasoline prices, touting the booming oil and natural gas production that has occurred under his administration.
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“We believed we could reduce our dependence on foreign oil and protect our planet. And today, America is number one in oil and gas,” Obama said Tuesday night during the State of the Union. “And thanks to lower gas prices and higher fuel standards, the typical family this year should save $750 at the pump.”
Gas prices have fallen more than $1.20 from one year ago, from $3.28 per gallon to $2.05 as of Tuesday, according to AAA Fuel Gauge. Prices have fallen due to plummeting oil prices from high production levels and weaker demand. Much of the increase in global oil supplies has come from hydraulic fracturing operations in the U.S.