Obama and the price of oil

[kiryan]

When the price of oil went up, we all blamed Bush. Now the price is growing again but Obama gets none of the blame. Sure you could write some of that off as Obama didn't start a war, he joined a freedom effort (kinda) lead by rebels. But how do you say that the decline in domestic production of 13% according to the article is not his fault and doesn't contribute? Then add in the inflationary affects of the fed's policies under Bernake... remember Ron Paul, the price of oil hasn't gone up in terms of the price of gold, the value of the dollar has gone down which means a barrel of oil costs more.

I don't think Obama is getting a full pass on this issue, but it does beg the question, why do only 3 out of 280 articles attribute ANY responsibility for the costs of gas to Obama?

Do you think Obama's policies are responsible for the high cost of gas?

http://www.foxnews.com/politics/2011/04 ... as-prices/

A McClatchy-Marist poll this month found that 36 percent of respondents blame tensions abroad for rising gas prices while 33 percent blamed oil companies. Eleven percent blamed Obama and Democrats, and 6 percent pointed to congressional Republicans. The nationwide poll of 1,274 adults was conducted April 10-14 with a margin of error of 3 percent.


As Obama targets traders, some media analysts argue that he is getting a free ride on the skyrocketing prices compared to former President George W. Bush who was largely blamed for soaring hikes near the end of presidency in 2008.


"The numbers are fascinating… There were 280 network news stories" dealing with the issue of recent rising gas prices, Brent Bozell, president of Media Research Center, told Fox News. "Only three, three out of 280 mentioned the Obama administration's responsibility in this."

Bozell argued that the administration does deserve some blame for the prices since isn't looking at its own actions affecting higher gas costs.

"Whereas the Republicans wanted to drill more, and still want to drill more … drilling is down 13 percent in the last year," he said. "That is a huge, huge contributor to the problem we have of rising gas prices."

[Corth]

Supply and demand determine the price of any commodity - and anyone who says otherwise is deluded or a liar.

[Teflor Lyorian]

Supply and demand determine the price of any commodity - and anyone who says otherwise is deluded or a liar.

In a system with multiple investment opportunities and multiple commodities, actually, it's not as simple as supply and demand for the commodity in question.

If a commodity becomes particularly attractive as an investment (for speculative or other reasons), money that would NOT have been available to enter that particularly commodity suddenly becomes available. As more and more money from elsewhere in the market gets shoved into that one commodity, surprise, that commodity becomes more expensive.

This is a different type of 'demand' that doesn't actually come from consumption, or even physical delivery of the commodity, rather, the supply of money for that commodity has increased, thus stoking demand for that commodity despite the fact that the same amount of commodity is being produced and consumed.


HOWEVER, Obama's stupid gas force bullshit is simply peanuts and circuses for the moronic masses. There's no tricks to how gas prices are set. They're set because you dumbasses (or dumbasses in Europe, or dumbasses in China, etc.) will pay it.