Newt promises $2 a gallon gasoline.
The United States can’t afford to keep sending $500 billion a year overseas to purchase foreign oil, especially when there is so much domestic gas and oil available, Gingrich said. He said gas prices could drop to $2.50 or even $2 a gallon if the United States “dramatically” ramped up drilling offshore and on federal land.
Of course, the reason why gasoline prices are rising right now has nothing to do with supply. We're currently exporting oil (and the XL pipeline is infrastructure designed to make even more oil available for export). Oil is a global commodity, any increase in production here simply goes onto the world market. If we increase supply, OPEC will cut supply, simply to maintain prices.
The current run up in oil prices is attributable to market speculators driving up oil futures because they are betting on military action towards Iran by either the Israelis or the U.S. disrupting supplies.