Obama’s Policies Have Added $0.50 To The Price Of Every Gallon Of Gas Pumped In The US

So says a congressional Joint Economic committee report:

The Obama administration’s monetary policies have added approximately 56.5 cents to the price of every gallon of gas you pump, according to a report by Republicans on the congressional Joint Economic Committee report.

Estimates suggest that had the dollar maintained the value it had when Obama came into office, gasoline would cost approximately $3.40 per gallon instead of around $4 per gallon in many parts of the country.

“Analysts and pundits often cite, correctly or incorrectly, the turmoil in the Middle East, a strengthening global economy, or speculation as the causes for the run up in crude oil prices,” the report said. “What is rarely discussed as an important factor in the rise of the dollar price of oil is the role played by the dollar itself.”

Keep in mind that the falling price of the dollar doesn’t just make your gas more expensive, but your whole life more expensive.

Rob Port is the editor of SayAnythingBlog.com. In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters. He writes a weekly column for several North Dakota newspapers, and also serves as a policy fellow for the North Dakota Policy Council.

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  • robert108

    I’d say that’s a very low estimate.

  • mickey_moussaoui

    Now Obama can bow down to the Saudi royals some more, maybe give some head this time.

  • End Federal Regulations

    That is only the impact from the weaker dollar. What about the impact on prices from the moratorium on drilling in the Gulf and everywhere else that he has touched?

  • http://enigma-cypher.blogspot.com/ Enigma_Cypher

    Hope and change for everybody!

  • I H8 GOPers

    I heard Henon talk about this for about four hours, at least it felt like that. I was so embarrassed for him. He kept saying everyone should be mad about Obamanomics, but no one else was listening, and I never believe a word he says.

    Looks like you are following your hero down the tubes, just 4 days late.

  • headward

    food prices are on the rise as well.  Many farmers are not getting their crops in.  Wait till next spring when food starts to really sky rockets.

  • WOOF

     “Speculation in oil markets, which has little to do with oil demand and
    supply, is a key part of the problem, and it can be stemmed with several
    regulatory steps.’
    http://www.csmonitor.com/Commentary/Opinion/2011/0427/Who-s-to-blame-for-rising-oil-prices-Speculators

    • Guest

      And Europe is about to get pissed and Moody’s is about to seriously downgrade the Fed’s rating if we don’t take those steps.

    • Bat One

      When markets are stable and prices show little volatility, then traders are an acceptable species whose participation provides liquidity and order to the market.  But when prices start rising, those same professional traders are transformed into evil speculators who are said to be pillaging the economy and their fellow citizens to satisfy their shameful greedy lust for profit.  And as always, the Left’s answer to market forces which refuse to be controlled is to pile on even more ineffective regulation.

      Your Christian Science Monitor reporter is, not surprisingly, asking the wrong question.  Rather than who’s to blame, the question ought to be what causes knowledgeable and experienced traders to view the crude oil market as an opportunity for substantial profit in the first place.

      Still, its amusing to see WOOFIE essentially endorsing Bill O’Reilly’s uninformed view of commodity trading.

      • Guest

        Unfortunately, since the advent of computerized speculation and high-frequency trading in the futures markets WE HAVE SEEN NEITHER STABILITY NOR LOW VOLATILITY IN PRICES.

        Your historical remarks miss the changes that have happened.

        Your view is uninformed insofar as it ignores technological advance.  Keep blowing smoke for the robber barons, c*nt.

        • Bat One

          So now the “progressive’s” excuse for telling people what they can and cannot do with their own wealth is the advance in technology?  Even for you, Sparkie, that’s awfully lame!

          • Guest

            What are you babbling about, idiot?

          • Bat One

            Nothing that an elitist, ivory tower princess like you would understand.

          • robert108

            You have no room to call anyone an idiot, little sparkie.

        • robert108

          “Robber barons”???   Still stuck in the Nineteenth Century, little sparkie?

  • http://www.bikebubba.blogspot.com bikebubba

    Regarding speculation as a cause, the only thing worth noting is that it’s been tested by commission after commission in GOP and Democratic governments, and the hypothesis has been found wanting. 

    Now maybe if you said “OPEC,” you’d be closer to the truth, but reality here is that it’s simply a question of supply and demand.  When oil goes up $5/barrel and looks like it will stay there, drillers, well owners, and refiners take notice and bring additional production online.  It’s really that simple; enlightened self-interest, as Bastiat and Walter Williams would say.

  • Safetyrick

    Anyone who thinks supply and demand are driving the price of oil has not looked at the weekly oil report. This report demonstrates that there is no shortage of crude and has not been for about 2 years.
    Also, look at the amount of money in food commodities futures and oil futures today compared to eight years ago. You will see there was about $17 billion in food commodities and about $9 billion in oil eight years ago while there are $300+ billion in each today. That is because of the Commodities Futures Trading Commission Modernization Act of 2000. Eight years ago, there was a 70-30 split between end users of these commodities and speculators. Today there is a 30-70 split.
    The CFTC Modernization Act needs to be repealed. 

    • robert108

      It’s not just supply and demand, it’s who controls the supply(OPEC).  When we finally start drilling, the price will come down, big time, because OPEC can’t abide competition, and will lower its price to drive out the competitors, just like you lefties always accuse WalMart of doing.  In fact, consumers benefit from the competition.

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