Tags: Gas | prices | bode | Obama

Experts: High Gas Prices Don’t Bode Well for Obama

Tuesday, 25 Sep 2012 11:53 AM

Gasoline prices are much higher than where they historically find themselves this time of year, which doesn’t bode well for President Barack Obama.

High gasoline prices make the voting populace angry and can often incite voters to blame the incumbent.

When fuel prices fall, voters quickly forget about them and tend not to give credit to any policies that might lower them, such as decisions to tap the nation’s emergency crude stockpiles or even pump more oil.

Editor's Note: You Owe It to Yourself to Know What Obama and Bernanke Are Hiding From Americans

A gallon of regular unleaded gasoline is averaging $3.81 nationwide, according to the AAA Daily Fuel Gauge Report, as ongoing Middle East tensions and lingering maintenance issues in the North Sea and in the United States have kept prices elevated at a time they should be falling.
Prices peak in summer.

“Consumers are not used to seeing gasoline prices this high, this time of year,” said Patrick DeHaan, a Chicago-based senior petroleum analyst at GasBuddy.com, an online source of gas prices, according to The Christian Science Monitor.

“If you’re not feeling good at the pump, you’re not feeling good in your wallet.”

Other experts agree high prices don’t look good for the president.

“Historically, high gas prices have been bad for incumbent presidents,” said Herman Schwartz, a professor of politics at the University of Virginia, The Monitor added.

Rising gasoline prices pushed both inflation and retail sales numbers higher in August, according to government reports.

The Consumer Price Index showed prices rose 0.6 percent in August, the sharpest month-on-month rise in inflation since June 2009, according to government data, while retail sales rose 0.9 percent in August.

However, a weak economy is keeping wages stagnant, which should keep inflation at bay, economists note.

“We do not expect inflation to take root in the economy, however, due to the overall weak economic conditions and the soft tone to the labor market and average hourly earnings,” Thomas Simons, a money market economist with Jefferies, said in a note to clients, according to CNNMoney.

Editor's Note: You Owe It to Yourself to Know What Obama and Bernanke Are Hiding From Americans

© 2017 Newsmax Finance. All rights reserved.

 
1Like our page
2Share
StreetTalk
Gasoline prices are much higher than where they historically find themselves this time of year, which doesn’t bode well for President Barack Obama.
Gas,prices,bode,Obama
362
2012-53-25
Tuesday, 25 Sep 2012 11:53 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved