The Hill News

For years, congressional Republicans have had a singular message on addressing gas prices, one made famous by former Alaska governor and #qwitterer Sarah Palin: Drill, baby, drill.

It’s a simple and memorable phrase, delivers their idea of a solution in very few words, and resonates. The problem is it isn’t a solution at all.

As we witnessed this week, with oil at a record $127 per barrel, Saudi Arabia announced it is cutting back production because the market is “oversupplied.” Ali al-Naimi, the country’s oil minister, told CNBC.com that the Saudis had scaled back production by 800,000 barrels in March in comparison to February numbers. According to the report, oil ministers from other OPEC countries agreed with the Saudis’ assessment that the market is oversupplied.

But wait, what?

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