Presidents and gasoline prices
by Steve McIntosh
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posted Oct 23 2012 1:59AM
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High gasoline prices don’t have much impact on President Obama or Mitt Romney. But every time you and I hit the gas pump, we’re reminded that we’re creating a big hole the family budget … which has to balance every month. We don’t have any choice; we can pay it or walk. The only control we have is the fuel efficiency of our vehicle and how much we drive each day.
Truth is, presidents can’t do much about gasoline prices beyond trying to lower federal taxes on gas. In the last debate, Romney and Obama talked about boosting domestic oil and gas production, energy efficiency, and renewable energy.
But U-S gas prices are largely determined by global crude oil prices, which are determined by a number of factors … including increasing demand around the world, especially in China.
Short of nationalizing the oil companies and setting artificial prices, what can a president do?
In reality, not much.
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Our thought for today is from Lyndon B. Johnson:
“If one morning I walked on top of the water across the Potomac River, the headline that afternoon would read ‘President Can’t Swim’.”
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