Obama Thinks That Oil Sells for $1.25 Per Barrel?

If a Republican misses on the price of a gallon of milk by a few cents, it's reported as evidence that he doesn't appreciate the plight of the working class. What does it say about a president who is wrong about he price of oil by two orders of magnitude?

Obama: "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."