Showing posts with label Middle East. Show all posts
Showing posts with label Middle East. Show all posts

Monday, April 11, 2011

Gas Prices Climbing Toward $5 Per Gallon...HmHm President Obama?

Recently was reading the comments section of a news post that indicated $5 a gallon for gas by Memorial Day. The comments are from the right and the left. They are almost always extreme and rarely civil. The thing about the story that I found interesting is that they included a poll that asked "At What Price Point Would You Change Your Driving Habits?" with four options $4.50, $4.75, $5.00, and Never. I was looking for the already have option but they didn't have it. This surprised me a little. I have taken to riding my bike on nice days to work because it saves me $3 a day if my wife doesn't have to drop me off and then pick me up later, and I only live 2.5 miles from work. 
The comments section was all about politics...which is understandable since it seems like anything in the news these days is political. The part that I find political in the whole fiasco is that President Obama has escape the excoriation of the press on the rise in oil prices while President Bush was nailed in the news almost daily for failing to "do something" about the gas prices. When he suggested we'd start increasing our drilling prices dropped (of course by then they dropped because we were in a death spiral caused by the mortgage crisis too...but at least he tried something). President Obama has done the opposite of President Bush. He has a by-default ban on drilling in the Gulf and along the coasts. So not only are we subject to the problems plaguing demagogic states like Saudi Arabia, Libya, Yemen, etc. but we aren't doing anything at home to help ourselves with the problem. 
So now my question and the reason for writing this is to pose the question. At what point does the press/media turn on President Obama and start treating him the way they did President Bush? Will it be when he starts ANOTHER war? Will it be when gas hits $10 a gallon? Will it be when a terrorist attacks on his watch? Or will he have to get whiter, richer, and start using a southern accent?


Gas Prices Climbing Toward $5 Per Gallon « CBS Chicago
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Tuesday, March 1, 2011

$5 a gallon gas...or more.

So the last time we had a run on oil and the price per barrel was about $140 it was because people were greedy and the economy was strong(ish). Today the run on oil is a result of something even more powerful. Fear.
World events are on the brink of worse than chaos. Revolution in countries that the world economy relies on for its life-blood is anything but good. Libya generates a relatively small amount of the world supply of oil but the instability there and elsewhere in the area has given rise to speculation that Saudi Arabia could experience a revolution ala-Libya and Egypt. If that happens (and this is where the fear comes) all hell breaks loose. Between the fear of things that may or may not happen and the fear of things that are actually happening the price of oil is going to keep going up. Combine this with increased demand as a result of marginal improvements in the world economy (not so much in the USA...but elsewhere) and we have a real chance of things getting out of control. I recently saw an article saying we could see $15 a gallon gas. While I'm not sure about the idea of "peak oil" I do believe that the markets respond to world events.
So the next question...is this still Bush's fault?

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