Candidate Bachmann finishes a corn dog then promises cheap gas.

How, she’s not ready to disclose, but with her campaign suddenly gaining strength, presidential candidate Michelle Bachmann is amping up her populist message by promising to cut gas prices in half.

The Minnesota Republican insists that if she lands in the White House U.S. gas prices will fall back below $2 a gallon.  Bachmann has long been a proponent of ramping up domestic drilling, though few experts believe that this will come close to delivering the price cuts she’s offering weary American motorists.

“The day that the president became president gasoline was $1.79 a gallon.  Look at where it is today,” Bachmann said during a stump speech.  “Under President Bachmann, you will see gasoline come down below $2 a gallon again.  That will happen.”

There’s no argument that fuel prices have risen sharply since Barack Obama became president.  The numbers peaked in early summer at a national average of just over $4 a gallon – and just short of the $4.17 peak set in July 2008 during the waning days of the Bush Administration.

Exactly why oil has surged remains a matter of debate.  Turmoil in the Mideast hasn’t helped, with much of Libya’s production off-line and output from other suppliers, such as Syria, also dropping due to ongoing political turmoil.

Some skeptics complain it is the result of market manipulation, traders driving the numbers up well beyond what actual supply-and-demand would normally support.  Others insist the recent run-up simply reflected global demand, noting that the U.S. alone is no longer in the driver’s seat, fast-industrializing India and China competing for oil supplies.

That has been reflected in the sudden downturn in petroleum prices as the global economy weakens and the U.S. borders on a double-dip recession.

But Bachmann – like semi-candidate Sarah Palin – has frequently criticized the Obama Administration for failing to open up Arctic waters and other sites for drilling.  But how much – or how soon – such moves would pay off at the pump remains uncertain, notes Autoblog.com, which quotes the Energy Information Administration:

“Additional oil production resulting from the opening of ANWR (ed: the Alaska National Wildlife Reserve) would be only a small portion of total world oil production, and would likely be offset in part by somewhat lower production outside the United States,” said an EIA document. “The opening of ANWR is projected to have its largest oil price reduction impacts as follows: a reduction in low-sulfur, light crude oil prices of $0.41 per barrel (2006 dollars) in 2026 for the low oil resource case, $0.75 per barrel in 2025 for the mean oil resource case, and $1.44 per barrel in 2027 for the high oil resource case, relative to the reference case.”

Other critics contend that the only way to drive oil prices down to the levels Bachmann proposes would be to drive the U.S. – and most of the rest of the world into a deep economic collapse.  The $1.79 figure the candidate quoted came in the wake of the Lehman Brothers stock market meltdown.

That part of the story might not be something a presidential candidate would want to discuss.

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