Gasoline prices are up since December. (So is the price of gold.)
President Obama says there are no quick fixes. He is correct.
The fear over an attack on Iran is driving up oil prices.
The week after Israel attacks Iran, you can figure gasoline prices will be 50% higher. A month later, maybe another 50%.
What will this do to the world’s economy?
The President is taking cover now.
CORAL GABLES, Fla. — President Barack Obama said Thursday there are no “quick fixes” for rising gasoline prices that are threatening the economic recovery and providing fodder for attacks from his political rivals.
Gas prices have risen 29 cents per gallon since December, at a time of year when consumers usually enjoy a respite from price boosts.
The high cost at the pump could turn into an election-year mess for the president, whose approval ratings have surged recently as the economy improved.
Republicans, sensing an opportunity, have blamed Obama for not giving oil companies greater freedom to drill for new U.S. supplies that might ease prices.
The political dynamics are muddied by the Iran factor. In their debate Wednesday, the leading GOP presidential candidates vowed to prevent Iran from acquiring a nuclear weapon.
Ron Paul made no such pledge. Then why did the author of the article write this? Do you sense a media blackout?
Yet, the rise in oil prices recently has been augmented by the tightening of U.S. and European sanctions on Iran and its oil exports.
Obama is trying to nip this in the bud.
In an appearance Thursday at the University of Miami, where he toured an engineering program for energy efficiency, Obama told a crowd of hundreds of students that his GOP rivals who are pledging to slash prices are “rooting for bad news” to win political points.
“Since it’s an election year, they’re already dusting off their three-point plans for $2 gas. I’ll save you the suspense: Step one is drill, step two is drill, and step three is keep drilling,” Obama said. “Well, the American people aren’t stupid. You know that’s not a plan. … It’s a strategy to get politicians through an election. You know there are no quick fixes to this problem, and you know we can’t just drill our way to lower prices.”
He failed to mention step four: block the oil pipeline from Canada. He did that earlier this year. So, Canada plans to sell the oil to China. Won’t that be good for Americans? Obama’s reaction: silence. For once, he shut up. But not for long.
Obama argued that his “all of the above” energy policy — promoting increased domestic production, improved fuel-efficiency standards for vehicles and greater investment in clean energy innovation — is the smartest way to insulate the United States from the vagaries of the global oil market.
When he says “greater investment in clean energy,” he means lots more Solyndras, where the bankrupt firm that took almost $500 million in government boondoggle money has paid its senior managers bonuses.
Domestic oil and gas companies also are unhappy. Jack Gerard, president of the American Petroleum Institute, said Wednesday that Obama’s corporate tax reform plan, which proposes cuts in tax breaks for oil and natural gas companies, would dampen domestic production.</blockquote>
If you think it’s bad now, wait until a week after Israel attacks Iran.
Start planning your household budget accordingly.
I hope your employer does the same. Consumers will be forced to make a lot of adjustments. Your firm’s product line be on the “expendable” list.