Obama is getting wiped out by expensive gas. He is polling 5 points behind Mitt Romney even as Mitt is getting trashed daily by the rest of the Republican party. When the Rs unite I predict Mitt will go up by 10+ points.
Alternative fuels is no answer, as Stephen Chu will find out if he keeps on going around saying how we don’t want to lower oil prices. He claims that this will help develop solar etc, which when gas is low, is not economical… but if you take his premise seriously, then the price of gas needs to stay over $4, and alternative fuels will still cost you $3.99 for the same travel distance that used to cost you $1.
I don’t really care what I’m putting in the tank, I care that it costs $4 when it used to cost $1.
Oil isn’t expensive, the dollar is cheap. I don’t really see the political impediment to Democrats adopting a sound money platform with the dollar relinked to gold, but up to now they have not been interested. Maybe an upcoming electoral shellacking would focus the minds of Democratic candidates on the real problem.
Obama’s media blitz on gas prices
http://www.politico.com/news/stories/0312/73903.html
All we would have to do is bring our standards for fuel economy in line with Europe and Japan. Less demand will thus lower prices. Longer term we do need to incentivise electric/hybrid cars.
Not going to do much.
I would note that in 2008, the last time gas was biting this hard, it was widely noted that the President of the United States does not control the price of oil. I wonder what has changed in the interim.
Nevertheless, as in 2008, the high price will hurt the incumbent party.
… does it really cost $4?