Tags: Gingrich | Gasoline | Gallon

Gingrich: I'll Bring Gasoline to $2.50 a Gallon

Tuesday, 06 March 2012 08:05 AM

GOP presidential hopeful Newt Gingrich says if elected, he'll open up oil drilling across the United States to bring gasoline prices down to around $2.50 a gallon.

Calls for lowering gasoline prices will help the former Speaker of the House catch up to rival Mitt Romney in the Republican race, Gingrich adds.

"There's a very strong positive reaction to the idea of having American energy independence using federal land, and offshore to produce enough oil to get the price of gasoline down below $2.50," Gingrich tells CNBC.

Plus drilling at home opens up fresh revenue for the U.S. government — royalties.

"We would earn in the next generation $16 to $18 trillion in royalties using federal land and offshore for American energy independence," Gingrich says.

Energy will serve as a Gingrich campaign centerpiece.

"As things sink in, you'll see me once again coming back. A lot of this is just momentum," Gingrich says.

"There's no evidence, when you go state by state, to believe that Romney has locked this up."

Gasoline prices are averaging around $3.77 a gallon, and some economists are worried the economy won't be able to absorb more increases.

Eventually the economy will feel the pressure, as shipping and travel become more expensive and consumer spend less elsewhere in order to have money to fill up their cars.

"We've weathered it OK so far, but it could become a much stronger headwind than we anticipate," says Diane Swonk, chief economist at Mesirow Financial, according to the Associated Press.

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Tuesday, 06 March 2012 08:05 AM
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