No amount of promotional lip balm is going to make folks feel good about this, but the price of gasoline at the pump is up sixty percent since Barak Obama took office.
When Obama was sworn in, the average US price at the pump was $1.81 per gallon. That was a huge cut from the crisis price of the Bush years, in the summer of 2008, when gas reached over $4.00 a gallon, briefly. But while the price hasn’t crept back to that level yet, the 60 percent increase is starting to cause economic pain.
In the Bush years, the biggest contributing factors to the price hike was unrest in the Middle East over the Iraq War and other political disruptions, as well as out-of-control energy commodity speculation in the market. That’s not entirely the case today.
The Obama Era gas price is inflated for entirely different reasons. First of all, the speculators are back and ruining the market again, but that’s not the biggest cause. The biggest cause at the moment is the weakness of the US dollar.
The weakness of the US dollar is caused by all the out of control spending and borrowing Obama’s indulged in; the US deficit has ballooned under his watch like it has under no other president. Perhaps being forced to work with a Republican-controlled House will be exactly what Obama needs to bring spending under control, allow the economy to rebound, and see prices at the pump deflate once again.