From HotAir, apparently President Obama thinks the price of oil is hovering around $1.25 a barrel. Per his speech to Sempra Energy,

We have subsidized oil companies for a century. We want to encourage production of oil and gas, and make sure that wherever we’ve got American resources, we are tapping into them. But they don’t need an additional incentive when gas is $3.75 a gallon, when oil is $1.20 a barrel, $1.25 a barrel. They don’t need additional incentives. They are doing fine.

Yet this snip from oil-price.net shows the price to be hovering about 100 times that amount.

Honest mistake or intentional gaffe that leaves the impression that oil companies are gouging and, consequently, do not need government subsidies?

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