The Price of Gas
On a recent episode of Fox New’s popular political analysis program “Hannity”, host Sean Hannity interviewed several business leaders on the state of the economy under the leadership of the Obama administration.
Even with a diverse crowd ranging from former presidential candidate Herman Cain, to real estate mogul Katrina Campins, or to Bernie Marcus, a co-founder of Home Depot, all interviewees agreed: the economy is failing, despite positive rhetoric from Washington. They agreed the astronomically-high gas prices are crippling the American people, shown through unemployment rates and real estate. They agreed that President Obama must adopt a drastically different and pro-American jobs plan immediately, or else America will have the greatest collapse since 1928. Home Depot co-founder even went on to say that “We’re going to end up like Spain and Greece, and the U.K. and Germany and everybody else.”
While all content from politically-slanted media sources must be taken with thoughtful consideration, I have to say, that in this case, I agree.
America is a nation whose opportunities are unparalleled. But if America continues this mindless descent, it will result in great suffering for a great nation. We have to change.
Obama has destroyed any sense of fiscal responsibility America formerly possessed. He spends recklessly and we have record debt. The middle classes’ finances are being destroyed. Job rates are at a record low, gas prices at an all-time high. Under Bush, gas prices hovered around $1.50 per gallon, peaking at $2.oo. The day Obama took office, gas was $1.89 per gallon. Under Obama, gas prices are $3.50 to $4.oo, and recently hit $5.oo in a few states.
This is mind-boggling. Really. An 85% increase in a gas prices over the course of three years. What if gas prices continue on the same trajectory? If they do, and they show no signs of stopping, by 2015 Americans will be paying roughly $6.48 for a gallon of gas. That is unbelievable, and Americans cannot let this continue.
Instead of importing all of our oil, we should drill here and drill now. We must start harnessing America’s own resources. Because that $6.48 gallon of gas is looming, and it does not appear to be going away.
It’s not just President Obama’s fault; it is all of Washington. But it is time for someone with common sense to step up.
Before you blame the price of gas on Obama’s fiscal policy, take a look at this graph:
http://gasbuddy.com/gb_retail_price_chart.aspx
If you look at the 3 year graph, the period of greatest increase for gas prices was during the late winter and spring of 2011, better known as the Arab Spring. Considering that the vast majority of US oil comes from Arab nations, is it any surprise that when political turmoil arose in these countries, the price of gas increased greatly. As powerful as the President may be, even he cannot stop nearly a half dozen revolutions that occurred in the most oil-rich part of the world. Along with this is the threat that the Iranian government poses to the of the Straight of Hormuz, the waterway that one fifth of the world’s oil passes through. Please do not blame the president for circumstances beyond his control. And don’t forget the summer of 2008, shortly before the financial meltdown, during which gas prices rose to over four dollars/gallon, until they crashed down with the rest of the economy.
Furthermore, President Obama, if anything, has attempted to restore fiscal responsibility, not “destroy” it. The reason gasoline was under two dollars/gallon in 2009 was because of the economic collapse brought about the Bush administration and its reckless spending. Spending under the Obama administration has been almost entirely devoted to repairing the economy, namely with the $800 billion+ stimulus package of 2009. If it were not for the deregulation and fiscal irresponsibility of the previous administration, such measures would not be necessary.
And in regards to the sources cited that claimed Obama’s policies will lead us towards yet another recession, they are far from a diverse crowd. They are all business owners, and side with the Republican Party simply because the GOP is a pro-business, pro-corporation entity.
About half of America’s imported oil comes from Canada, Chart (ftp://ftp.eia.doe.gov/pub/oil_gas/petroleum/data_publications/company_level_imports/current/import.html).
I don’t think this is as partisan an issue as anyone makes it out to be. Even with America’s 21st century radicalized politics, I think it is safe to say that we should acknowledge that both sides have had major spikes in the cost of oil.
I’m just responding to the article, John.