Flashback - Pelosi '07: Blames Bush for $3.07 Gas, In '12 Blames 'Speculators'

By Eric Scheiner | March 6, 2012 | 1:13 PM EST

(CNSNews.com) - In May of 2007 then-House Speaker Rep. Nancy Pelosi (D-Calif.) was critical of the nationwide price of gas reaching a $3.07 average and squarely placed the blame on the Bush administration.

“Drivers are paying a heavy price for the Bush administration’s failure to enact a comprehensive energy strategy,” Pelosi said.

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“Years of Bush Administration's policies that have favored big oil over the consumers have resulted in record dependence on foreign oil, leaving American families and businesses to pay even higher prices.”

Pelsoi continued, “This Congress, under the Democratic leadership, is working to make up for years of inaction, taking America in a new direction that helps bring down the cost of gas and promotes energy independence. Energy independence is essential, essential to reducing the price at the pump.”

As of March 2012 the average nationwide price of gas is $3.79, but Pelosi does not blame the Obama administration or the president’s plan for energy independence. Instead she focuses her criticism on speculators.

“Supply is up. Demand is down, you would think the price would come down. Enter the speculators,” Pelosi said on March 1, 2012.

“Not the healthy speculation that is normal to the marketplace, but a speculation that can add 20 percent to the cost of a barrel of oil. The American people have to know that, because this has happened before.”

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Eric Scheiner
Eric Scheiner
Eric is the Senior Video Producer for CNSNews.com