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Gasoline Prices and Your Budget the Week After Israel Attacks Iran

Written by Gary North on February 24, 2012

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.

Continue Reading on www.mysanantonio.com

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8 thoughts on “Gasoline Prices and Your Budget the Week After Israel Attacks Iran

  1. Odumbo claims there are no quick fixes, the problem is he and the Democrats have stopped ALL fixes for YEARS!! We could have had an abundant supply from ANWAR if Clinton and the Dems would have allowed it all those years ago, and they have been blocking it ever since. The Canada pipeline would have provided oil to our refineries within a few short years. Oil companies are already drilling on private lands for oil sands and shale oil, so their are already where the oil is, they have the equipment and many of our refineries are already producing gas from these oil sources, so why wouldn't prices go down quickly if we were allowed to drill on land the Government has gobbled up?

    What was the reaction of the kids he was talking to? Are they so brainwashed they completely disregard common sense? Or do they know Odumbo is just doing what he does best…lie?

  2. To answer the above questions, specially the last one, the answer is YES. Kids nowadays are not as dumb as they seem to be, they know a lie is lie when the lie is told.

    • AD Roberts says:

      Not. They voted for him in 2008. And the fact that they came to hear him speak would indicate that they are still drinking the koolaid.

  3. GLADALLOVER says:

    Right on Gray Falcon, but here is the problem: No one will be happy who is nominated in the Redublican Primary, or who is finally elected our next POTUS. My Doctor told me there will be riots in the streets & then Dear Leader will declare Martial Law, cancelling the 2012 elections, We will never have another election, but a Dictator we will have indefinitely for as far as the eye can see!

    • I fear you are correct. Odumbo doesn't want a riot just yet………..he wants the unions and all other associated thugs who support him wait at least until September before everything blows up.
      But he would be more than happy to have minor skirmishes all summer long just to scare the crap out of everyone….and then he can go in and look like the savior of the country.
      Lying POS!

    • Yes, but isn't being forewarned being forearmed? We KNOW that this is what the president plans to do, so the more people we are able to "wake up" to what is going on and what is expected to happen, then who will be taking to the streets? Obama's unions? Obama's ACORN supporters? Some Media Matters supporters? If people are able to sit tight because they KNOW and are ready for this, then what is Obama going to do…arrest his own people? Mayors and governors should prepare for people attempting to occupy parks, etc. Rudy giuliani had the right idea when he said that people would have to get permits to occupy, and they could only occupy for x amount of hours a day. No camping whatsoever. People have the right to voice their opinion, but they don't have the right to destroy public property. If governors or mayors allow this crap to happen, then they need to be ousted from office, or maybe THEY should be personally responsible for whatever happens.

  4. BHO has said on TV, "under my plan, energy costs will necessarily skyrocket." Don't you believe it? I do. He wants higher energy costs to try to force his windmill, solar panel green energy on us. Oodles of his campaign bundling donor buddies have been set up in straw-man green companies, so they get $$$ in Stimulus funds. Just look at Solyndra, Mr. Bush turned them down, as they appeared financially unstable. BHO gives them the farm, and zap $554 Million Taxpayer's money gone. Then he subordinates the Government bankruptcy court proceeds to his buddies. They get paid first before the Taxpayers. Nice work BHO! And I see many "Obama 2012" stickers on cars. UNBELIEVABLE!

  5. Oil and gasoline: Why aren't people aware that the US EXPORTS oil, gasoline, and diesel to other countries?? Actually, there is not a shortage of oil, only manipulation of resources to make it appear there's a shortage.

    Now, if Israel were to go about it properly (aircraft with nukes armed after leaving Israeli air space) and drop them on Iran, plus the missles they have with nukes, Iran would be a total wasteland. That's NOT the proper way to go. US to use neutron bombs which only kill mammels and not vegetation/structures. Re-inhabitable in about two years. Send our illegals over there to form their own country.

    Can kids detect lies? Depends on how well they are told. Remember the old tale of fooling people – all, some, none???

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