The oil industry recently laid out a set of proposals it believes will instantly lower gasoline prices.
The proposals call for more domestic oil production, fewer environmental regulations on refineries and fuel, and for not raising taxes on the industry. They're basically what the Republican presidential candidates are calling for.
But analysts say those ideas will do little to lower gas prices in the short term. Here's why:
More drilling: The industry has long held that this is key to lowering prices, and "unlocking America's energy potential" is a theme all the Republican candidates are touting.
The industry has studies saying that if it was allowed to drill off both the East and West coasts, on all federal land that isn't a national park and in Alaska's national wildlife refuge it could produce another 10 million barrels of oil a day by 2030 -- double the nation's current oil output.
Eighteen years is a long time to wait for gas prices to come down. But the industry says that if Obama merely announced such a plan oil prices would drop overnight in anticipation of this new production.
"Markets are driven by expectations," Jack Gerard, president of the American Petroleum Institute, said on a recent conference call.
Gerard noted that oil prices fell $16 in the two days after George W. Bush lifted a moratorium on drilling off the coasts in 2008, a moratorium that was effectively reinstated after BP's Gulf of Mexico disaster.
But oil traders are skeptical.
"Just because a policy is announced doesn't mean it can be easily or quickly attained, and the markets will discount that," said Addison Armstrong, director of market research at the brokerage Tradition Energy.