Gas up $1 per gallon under Obama's watch

[phk]

http://www.washingtontimes.com/news/2010/mar/25/gas-up-1-on-obamas-watch/

Gas prices have risen $1 since just after President Obama took office in January 2009 and are now closing in on the $3 mark, prompting an evaluation of the administration's energy record and calls for the White House to open more U.S. land for oil exploration.

The average price per gallon across the U.S. hit $2.81 this week, according to the Energy Information Administration. That was up from $1.81 the week of Jan. 26, 2009, just after the inauguration, and marks the highest price since Oct. 20, 2008.

John B. Townsend II, a spokesman for AAA Mid-Atlantic, said price increases are a result of the cost of crude oil, thanks to a decision by the Organization of the Petroleum Exporting Countries not to raise production even as economic growth in countries such as Russia and China spurs more demand.

[Grumpier Than Uncle Joe]

It was $4 for a time under Bush's.......so what's your point?

[TheGreatOne]

It was $4 for a time under Bush's.......so what's your point?

lol, yeah.  It was higher in some places.  Actually this is probably a sign that the economy is improving.  The gas prices might be going up because people are spending their money on entertainment, and need cars to get to their new jobs.

[Linus Van Pelt]

The idea that politicians control gas prices has got to be one of the most ridiculous recurring themes in American politics. The worst were the Democrats circa 2006-7, though this is probably just because they happened to be out of power when prices were highest.

[Bo]

That means the economy is recovery. Or there is a lot of speculation. Or both.

[memphis]

What do you want Obama to do, institute price controls? I'd like to see some kind of action to end the energy speculation that is holding America's economy hostage, but it's not going to happen.It's tulip mania all over again.

[TheGreatOne]

The idea that politicians control gas prices has got to be one of the most ridiculous recurring themes in American politics. The worst were the Democrats circa 2006-7, though this is probably just because they happened to be out of power when prices were highest.

It was weird that the price of gas dipped when the Democrats started talking about their energy plan.  Many independents and Republicans also mentioned it and its just something many of you Democrats might have forgotten. 

In regards to speculation, I'm not really buying it.  Its just another faceless evil enemy that the Democrats used to gain support, kind of like how the Republicans demonize the government.  I think the more likely answer is that more people are driving as they are starting to go back to work and are bit more comfortable spending.

[cinyc]

The correct answer in part is Obama took office in January, when no special gas blends are required and gasoline is usually cheapest.  Spring is when idiotic requirements to use special gasoline blends in different areas begin to kick in.  Prices tend to increase about this time of the year and peak around Memorial Day or so - perhaps later some years.

[memphis]

The idea that politicians control gas prices has got to be one of the most ridiculous recurring themes in American politics. The worst were the Democrats circa 2006-7, though this is probably just because they happened to be out of power when prices were highest.

It was weird that the price of gas dipped when the Democrats started talking about their energy plan.  Many independents and Republicans also mentioned it and its just something many of you Democrats might have forgotten. 

In regards to speculation, I'm not really buying it.  Its just another faceless evil enemy that the Democrats used to gain support, kind of like how the Republicans demonize the government.  I think the more likely answer is that more people are driving as they are starting to go back to work and are bit more comfortable spending.

In July 2008, the price of a barrel of oil was $147. By December 2008, it was down to $30/barrel. It's now up around $80. You think an element of supply or demand changed that much in a matter of months, and then changed again to go back up? Get real.

[cinyc]

In July 2008, the price of a barrel of oil was $147. By December 2008, it was down to $30/barrel. It's now up around $80. You think an element of supply or demand changed that much in a matter of months, and then changed again to go back up? Get real.

Demand certainly is down since July 2008 (when demand outstripped supply), and supply is likely down since December 2008, too.    So, yes supply and demand explains some of the price swings, as does the relative value of the US dollar.

[memphis]

In July 2008, the price of a barrel of oil was $147. By December 2008, it was down to $30/barrel. It's now up around $80. You think an element of supply or demand changed that much in a matter of months, and then changed again to go back up? Get real.

Demand certainly is down since July 2008 (when demand outstripped supply), and supply is likely down since December 2008, too.    So, yes supply and demand explains some of the price swings, as does the relative value of the US dollar.

Demand for oil almost never goes down. Given the recession, there may be at most a 1-2% decline in usage. Again, oil dropped from $147 to $30 in five months. The overriding factor is clearly speculative investment.

[Ban my account ffs!]

In July 2008, the price of a barrel of oil was $147. By December 2008, it was down to $30/barrel. It's now up around $80. You think an element of supply or demand changed that much in a matter of months, and then changed again to go back up? Get real.

Demand certainly is down since July 2008 (when demand outstripped supply), and supply is likely down since December 2008, too.    So, yes supply and demand explains some of the price swings, as does the relative value of the US dollar.

Demand for oil almost never goes down. Given the recession, there may be at most a 1-2% decline in usage. Again, oil dropped from $147 to $30 in five months. The overriding factor is clearly speculative investment.

The $30 price was also undervalued and unsustainable.  It was merely a response to the incredible highs oil saw.  I think oil will be more likely to rise more slowly this time and we won't see a big drop in costs.  I'm sure we'll see $3.50/gallon gas this summer some time.. it'll back off to about $3 next winter, and then probably hit $4 next summer.

It's the same boom, bust, steady growth that you see in everything.

[Lunar]

[secretly supports a substantive gas tax, gradually implemented, in non-rural areas, and perfectly in line with whatever economic evaluation of gas's economic negative externalities, to invest in public transportation and to advance his agenda of efficient residential development]  

[TheGreatOne]

The idea that politicians control gas prices has got to be one of the most ridiculous recurring themes in American politics. The worst were the Democrats circa 2006-7, though this is probably just because they happened to be out of power when prices were highest.

It was weird that the price of gas dipped when the Democrats started talking about their energy plan.  Many independents and Republicans also mentioned it and its just something many of you Democrats might have forgotten. 

In regards to speculation, I'm not really buying it.  Its just another faceless evil enemy that the Democrats used to gain support, kind of like how the Republicans demonize the government.  I think the more likely answer is that more people are driving as they are starting to go back to work and are bit more comfortable spending.

In July 2008, the price of a barrel of oil was $147. By December 2008, it was down to $30/barrel. It's now up around $80. You think an element of supply or demand changed that much in a matter of months, and then changed again to go back up? Get real.

Yes, December 2008 was the worst part of the crash.  Unemployment was increasining at a tremendous level, which means less drivers.  Yeah I think a radical change in our economy from July to December is likely, considering a chunk was completely erased in a few months.  From December 2008 to today is over a year and our economy is recovering and more people are going to work and taking vacations.  The fact that this is going to be the first summer where are economy is improving is also a factor.   A manipulation by Oil speculators of that magnitude is completely ridiculous.

[Franzl]

The idea that politicians control gas prices has got to be one of the most ridiculous recurring themes in American politics. The worst were the Democrats circa 2006-7, though this is probably just because they happened to be out of power when prices were highest.

[dead0man]

What do you want Obama to do, institute price controls? I'd like to see some kind of action to end the energy speculation that is holding America's economy hostage, but it's not going to happen.It's tulip mania all over again.

Except it's not happening.  A barrel of oil in Dec 2014 is currently selling for $86.  link