The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- When Barack Obama assumed the presidency, gas prices were less than $2 a gallon. He proceeded to shut down deep-water drilling in the Gulf, tightened other federal restrictions on petroleum development, and vetoed the Keystone Pipeline. Now, even with Americans driving not a lot more than three years ago and global growth slowing, gas is nearing $4 a gallon. The liberal theocracy in academia, the media and the Democratic Party leadership relentlessly expounds that drilling for oil in the United States won't much affect U.S. gas prices, because petroleum prices are set in global markets. And, more domestic oil production or U.S. access to Canadian petroleum won't much change global supplies, or the pace of economic recovery and unemployment.
Overall, attaining U.S. oil production potential would boost GDP about $250 billion. Not bad, because it could be accomplished by increasing federal revenues from royalties and reducing the federal deficit, instead of adding to it through additional stimulus spending and subsidies to questionable solar and wind projects.