The President and the Price of Gas

In February 2012, Newt Gingrich pledged that if elected president he would reduce the gas price to $2.50 a gallon.

Not to be outdone, his Republican colleague and intended presidential candidate
Michele Bachmann had already promised in August 2011 that she would bring us $2 gas.

Of course, the Republican line was that the high gas prices back then were all president Obama’s fault.

According to the “full history” download at the US Energy Information Administration, the highest average price ever for retail gas at the pump was $4.054 (week of 7/14/08), which was when George Bush was president.

The highest price in 2012 was $3.87 (week of 4/9/12).

The price now is around $3.015 per gallon. If we factor in about 8.2% of cumulative inflation since the 2008 high, today’s price is about $2.77 in 7/08 dollars. Thus the price of gas in real terms has fallen by 32%, almost one-third, since the Bush high.

So are Gingrich, Bachmann, and the potential 2016 aspiring presidential candidates giving Obama full credit for bring down the price of gas?

Yes, that’s what is known as a rhetorical question.

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About politicswestchesterview

Nathaniel regards himself as a progressive Democrat who sees a serious need to involve more Americans in the political process if we are to rise to Ben Franklin's challenge "A republic, madam, if you can keep it," after a passerby asked him what form of government the founders had chosen. This blog gives my views and background information on the local, state, and national political scenes. My career in higher education was mainly in the areas of international studies, foreign languages, and student advising, most recently at Franklin & Marshall College in Lancaster, from which I retired in 2006. I have lived in West Chester since 1986.
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2 Responses to The President and the Price of Gas

  1. Pingback: The President and the Price of Gas | West Chester Borough Democrats

  2. JT says:

    Presidents have little control over natural resource prices but in 2008 the news media was crucifying then President Bush about the high prices of gas on nearly every nightly news segment. Don’t tell me you have forgot all those folks standing at the pump and complaining Bush had to do something to bring prices down. Commodities fluctuate with supply & demand. . . More low cost oil, lower gas prices. The last time I checked President Obama’s policies were not promoting more oil.

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