Gas pump prices aren't the president's decision
The blog of The Philadelphia Inquirer's Editorial Board.
Gas pump prices aren't the president's decision
Again and again, Americans have been given tutorials on the price of gasoline, but the lessons don’t stick because self-serving politicians keep distorting the facts.
So, once again, class, repeat after me: The president of the United States does not determine the pump price of gasoline.
Republican presidential nominee Mitt Romney suggested in Tuesday night’s debate that had President Obama done more to tap the oil in this country, gas prices wouldn’t be around $4 a gallon. But Canada certainly isn’t dependent on any other country for its oil, and gasoline prices have gone up there, too.
People need to understand that the pump price of gas is determined by the price of oil on the world market, which no president can really influence.
In fact, U.S. crude oil production is expected to increase 12 percent this year and another 8 percent next year, but America’s relatively small amount of crude is sold into the massive world oil market, where the demand for the fuel has increased oil’s price by about 7 percent. Thus the nearly four bucks per gallon being paid for gas in this country.
Meanwhile, the U.S. refineries handling more oil are raking in the cash. HollyFrontier Corp., which owns refineries in Oklahoma and Kansas, saw its second-quarter net income grow 149 percent compared with a year ago, to $502 million. Suffice it to say, the oil business is very complex. And politicians shouldn’t use that complexity to try to snooker voters.
didnt have any problem when Ed Rendell opened the 2008 convention with this. Youre such tansparent hypocrites o it's one thing to be artisan but when you have to lie about your positions, you lose all credibility.--
But once elected, they broke their energy promises to the American people and let Big Oil determine and even write our national energy policy.
The results of the Republican energy plans are plain. Back then, the price of gas was about $1.50 a gallon. Today, the price of gas is $4 a gallon. Back then, it cost about $900 to heat your home through the winter. This winter, it's more likely to cost over $2,500.
Meanwhile, ExxonMobil (NYSE:XOM) just announced the largest quarterly profit in the history of the world. That's not just an outrage; that's obscene.
This happened because, for the last eight years, the Bush-Cheney team stonewalled the taxing of oil company profits and prevented efforts to promote alternative energy (OOTC:AEGC) production. And guess who voted with the Bush administration 90 percent of the time? John McCain.— tr88- In 2008 Obama consistently blamed Bush for the "high" gas prices; $1.89 at the time actually(www.youtube.com/watch?v=sQb_4hXLx2Q)
— mdcd - If we spent 1/2 what we're currently paying for gas and heating, that money could be spent elsewhere, spurring the economy. Why should Exxon/Mobil, etc be the ones reaping the profits and stifling the economy?
- It's no wonder that you have gone through 2 bankruptcies if you believe that the president cannot affect gas prices.Open those permits up, build the pipelines and allow new refineries to be built in the US and you will see a different economic effect. PNI might want to think about positive coverage of the industries and advertisers in this area.— Tired of Journos
- what a load. maybe if a barrel didn't cost so much gas would be cheaper. it cost so much because the value of the dollar is being driven down. what drives it down? 16 trillion in debt. keep printing money. who controls that? the bamster. jeez can you guys spin. anything for obama huh?— rysagr
- As I recall, in 2008 President Obama blamed Bush during his campaign for the high price of gas at the time. $3.50 a gallon. Now it's $3.85 a gallon and suddenly because we have a Democtrat as president, it's nothing HE , the anointed one, bleeeckkkk! can control! I am sick of the liberal hypocrisy from the editors of this paper and the radical left in the media!— donnal777
- Nationalize the oil industry!!!— ClarkU
- lol nice joke — rysagr
- Gas prices are level with the price of gold. The Fed, under Obama, has been monetizing the debt causing the value of the dollar to drop. It is the value of the dollar that is the problem.
Obama lied, during the last debate, about the cause of $1.80 a gallon gasoline in 2008. Worldwide oil consumption barely dipped during our recession. As for now, we are hardly growing, Europe and Asia are flat and, the price of oil is still high. Of course, with our Middle East policies exploding in our faces, it is a wonder we are not paying much more for oil.
Please think and investigate before putting your pen to paper.— marktkelly
