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.