COMMENTARY | Oddly enough, as national gas prices fall from a average high of $3.94 per gallon at the beginning of April to the current average price of $3.82 for a gallon of regular gasoline, according to AAA’s Daily Fuel Gauge Report, at April’s end, you still hear a few GOP politicians and pundits ranting about the Obama administration’s failed polices causing the increased prices.
The same voices made the same ridiculous comments when the price of gas was on the ascendant, making misleading statements about gas doubling in prices under Obama. But if it was Obama’s fault that gas prices went up, why isn’t it his fault that gas prices are going down?
Besides, although it is true that gas prices have doubled since their low of $1.80 in January 2009 when President Obama took office, they were at such pricing depths due to the Great Recession, because demand for oil and gasoline had plummeted after peaking at $4.26 cents under President George W. Bush in June 2008. Adjusted for inflation, Bush’s per gallon price was equal to that of President Jimmy Carter’s oil shortage days, the highest prices per gallon ever paid for gasoline.
And the price of gas under President Bush was no more the fault of that president’s failed policies — or his successful policies — than they have been under Obama’s policies. It’s simply a political division wedge aimed at scoring a vote among the citizenry.
It is also why you won’t hear presidential hopeful Mitt Romney or anyone else that’s attacked Obama about the price of gas back off their baseless accusations. They don’t have to be truthful or accurate; they simply want to convince voters that the other guy — in this case, President Obama — is doing things wrong and costing each citizen more than is necessary in their daily lives.
Although politics do have a slight peripheral impact on overall gas prices — think local, state, and federal taxes and industry regulations — it is misleading to blame a president (or even the Department of Energy) for the high price of fuel. Oil and gasoline prices are established by the market that Republicans are incessantly touting. It is the same market that has seen big oil companies reach historic profits, even during times of economic slowdown.
Gas prices are controlled by the oil companies, their costs of refining and other logistical considerations, and based on the price of crude oil. Crude oil prices are primarily based on production, demand, and futures commodities trading (speculating).
Besides, higher gasoline prices are a sign of a healthy or at least a strengthening economy as well as strains on supply. If one really wants to see gasoline prices fall, one should hope for another recession, where decreased spending by citizens and the private sector push the prices lower to prompt increased demand (to get prices to again go up). Although you won’t hear Republicans calling for a renewed recession (at least not publicly), you certainly won’t hear them talking about a growing or strong economy, either.
As with most things, gas prices move in trending patterns. CNN Money reported that although prices were down now, rumblings from the industry indicate that various factors — such as the closing of another refinery or continued talk of war with Iran — could soon see the dip stalled and another rise begin.
But the next time you hear a politician say it’s another politician’s fault that gas prices are up, ask yourself why they never blame those same politicians for the prices going down.
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