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For those trying to blame gas prices on the President:
1. Gas prices are a complex matter involving a global market (largely controlled by OPEC) and speculators buying, selling, and rebuying barrels of crude multiple times while they're in transit. The President's policies can have some limited effects (direct or otherwise) on certain factors, but he has no actual way to control the price of gas. Really, there's a lot going on. You can read more here, for starters.
2. Domestic oil production has actually increased under Obama's administration. For the first time in years, we're actually importing less than 50% of the oil we consume. Here's a chart.
3. Item 2 is somewhat irrelevant, since oil produced domestically is actually produced by international corporate conglomerates, which combine the oil from their rigs around the world and sell it all together on the global market. And, really, more drilling won't lower gas prices.
4. Part of the reason for the recent spike in gas prices is that Iran has been making certain threats in response to threats of international sanctions in response to their threats of developing nuclear weapons. Iran controls the Strait of Hormuz, the waterway through which most of the oil produced in the region must pass. Given the choice between the US and its allies taking a hard line on Iran wanting to develop WMDs and a spike in gas prices, which would you choose?
5. Gas prices always go up around this time of year. People drive more as the weather gets warmer, so speculators buy more, so the price of crude goes up.
6. While there was a sharp drop-off in gas prices around the time President Obama was elected, gas prices went up under Bush, too. Under Bush, the national average peaked at about $4.12/gallon. Right now, it's about $3.62. 50 cents less. There's a chart for that, too.
1. Gas prices are a complex matter involving a global market (largely controlled by OPEC) and speculators buying, selling, and rebuying barrels of crude multiple times while they're in transit. The President's policies can have some limited effects (direct or otherwise) on certain factors, but he has no actual way to control the price of gas. Really, there's a lot going on. You can read more here, for starters.
2. Domestic oil production has actually increased under Obama's administration. For the first time in years, we're actually importing less than 50% of the oil we consume. Here's a chart.
3. Item 2 is somewhat irrelevant, since oil produced domestically is actually produced by international corporate conglomerates, which combine the oil from their rigs around the world and sell it all together on the global market. And, really, more drilling won't lower gas prices.
4. Part of the reason for the recent spike in gas prices is that Iran has been making certain threats in response to threats of international sanctions in response to their threats of developing nuclear weapons. Iran controls the Strait of Hormuz, the waterway through which most of the oil produced in the region must pass. Given the choice between the US and its allies taking a hard line on Iran wanting to develop WMDs and a spike in gas prices, which would you choose?
5. Gas prices always go up around this time of year. People drive more as the weather gets warmer, so speculators buy more, so the price of crude goes up.
6. While there was a sharp drop-off in gas prices around the time President Obama was elected, gas prices went up under Bush, too. Under Bush, the national average peaked at about $4.12/gallon. Right now, it's about $3.62. 50 cents less. There's a chart for that, too.
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