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Foxnews.com - Back when gas topped $4 a gallon, Republicans chanted "drill, baby, drill" at rallies across the country -- arguing more domestic drilling would increase supplies, reduce dependence on foreign oil and boost the U.S. economy.

Democrats, almost universally, mocked the GOP plan. In 2012, President Obama called it "a slogan, a gimmick, and a bumper sticker ... not a strategy."

"They were waving their three-point plans for $2-a-gallon gas," Obama told a laughing audience during an energy speech in Washington. "You remember that? Drill, baby, drill. We were going through all that. And none of it was really going to do anything to solve the problem."

"'Drill, baby, drill' won't lower gas prices today or tomorrow," Rep. Janice Hahn, D-Calif., echoed on the floor of Congress in 2012. "But it will fuel our addiction to fossil fuel."

Today, Democrats are singing a different tune, as increased domestic drilling has led to a record supply of domestic crude, put some $100 billion into the pockets of U.S. consumers and sent world oil prices tumbling.

The price of a gallon of regular gasoline on Monday was $2.13 nationwide, and below $2 in 18 states.

"Of course [Obama] was wrong. We've seen oil prices fall internationally now by half since last June," said American Enterprise Institute economist Ben Zycher. "The U.S. is now the biggest oil and gas producer in the world, or almost that, and the effect has been to drive prices down as we've seen."

Most of the domestic increase is due to "fracking" for tight oil in shale deposits across the U.S., as well as advances in directional drilling, where numerous pipelines diverge from a single platform in numerous directions, for a large cost savings.

But the gains, according to oil experts, come off private, not federal, lands.

Oil production on federal lands -- those under the president's control -- fell 6 percent since 2009, according to the federal Energy Information Administration, while production on private lands increased 61 percent.

Nevertheless, Obama is touting the lower prices, which injected billions into the improving U.S. economy.

"America is the No. 1 producer of oil, No. 1 producer of gas. It's helping to save drivers $1.10 a gallon at the pump over this time last year," the president told a crowd last week in Detroit.

Zycher, a former UCLA economist who also served on President Reagan's President's Council of Economic Advisers, called it "rather disingenuous for the president to take credit for the decline in oil prices and gasoline prices and the increase in incomes generated by increasing production."

He added: "It's somewhat amusing. He's taking credit for an increase in production that has happened largely on private land and had nothing to do with federal government policies."

Drilling has helped, but this is as stupid as Barry taking credit for the low prices.

OPEC is flooding the market to kill prices and make shale oil non-profitable.

I was looking at some of the stories. Some of it is new drilling ... But definitely not all. Z is right, there's some interesting moves by OPEC, who would normally reduce sales at this point to raise the price. Saudi is apparently selling below their profit point right now for unknown reasons.

Some think that could be to screw Russia up...

sorry Victor, was typing while your Russia comment was posting.

he may be working with others to get Putin though...?

Dems use emotions & mockery. Not logic.

It happened and it didn't.

We are technically exporters now so IT HAS increased. But the public leases have been cut in half by the Kenyan Wonderboy. Shale fracking has increased alot. More than I'd like to see, I'd prefer we were drilling oil the Russians are in the Gulf.

So to say Palin was wrong isn't correct as production is increased and that was the primary mover of the price until the cartel bottomed it out. See what I did there for you Victor?

ya got me there. But I stayed in a Holiday Express once.

OPEC is definitly up to something. And it won't be good news for us in the long run.

It is typical though, that Fox would use it to spit ball the Dems with their usual clown food.

I think it's funny how hard some folks want palin to be right or smart when she's becomming irrelevant even in her own party.

domestic oil has little to do with the price of gas but beyond that we are capping some of our own wells due to the price vs cost.

If anything the op makes the opposite point about palin but emotion and lack of logic (mesmerized by her boobs maybe) make folks draw silly conclusions.

Palin was beauty queen who likes winning pageants as long as no substantial work I'd involved once she wins. She will quit if there is. It's because she has no substance. It's unfortunate too because that bad decision likely cost McCain the election despite what the palin jugaloos think.

Our choice was McCain or Obama at that point. Palin never ran for Prez. She never could have because as **** as McCain and Obama are palin isn't in the league.

You can create fantasy lands but shes never finished anything of substance and if you watch her speeches is almost incoherently at times.

I get protesting against both parties but every once in awhile a little reality is in order.

No, MSNBC and Fox do this nation a great disservice when they package opinions as news. We are supposed to be smart enought to call BS, but all to often we rally around the steaming pile of crap they sell - because it suits our world views, not because it's right or true...