It's Not Obama's Fault That Crude Oil Prices Have Increased

Presidents get blamed for world market changes that occur during their time in office

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American presidents are no more responsible for global oil prices than they are for causing world-wide recessions, but the public insists otherwise, regardless of political leanings.

Otto Beckman of MD 6:43PM April 02, 2012

@ Don

While I agree with you, the fact that republicans have switched to the other side of the coin points out how stupid politicians on both sides think our general population is.

Ryan of FL 6:56PM March 30, 2012

So prices have gone up because prices have gone up? What would we do without experts!

Nice straw-man argument there. Nobody is claiming that Obama is directly driving up gas prices.

The actual point being raised by Obama's critics is that his administration is deliberately blocking increased drilling on public land that would increase supply. And as any economist should understand, increasing the supply of something decreases the price.

Milton Friedman must be rolling over in his grave.

Manuel of CA 6:07PM March 14, 2012

After hearing for eight years that the president is solely responsible for high oil and gas prices, I refuse to change that belief just because a Democrat is now in office.

PerryB of TX 4:35PM March 13, 2012

It would be nice if there was some mention or acknowledgement in this article that Obama and the Democrats harangued the heck out of the gas price issue when there was a GOP president. They were all over the issue, blaming Bush, Cheney, Halliburton and anything else they could associate with their opposition. I agree the president doesn't have much to do with this, but it would only be fair to point out that the Democrats, and Obama, want it both ways - blame the opposition when they can, and disclaim responsibility themselves when they have to. It's pathetic.

Don of MA 11:58AM March 12, 2012

One does not set the worldwide price of an interchangeable commodity based on the spot price from a single supplier. If the cost of oil in the North Sea goes up, fewer people buy, bringing down the price. Those non-buyers go buy their oil elsewhere, which might, or might not, drive up the prices in those locations (depending on the availability of close to expiring cheaper option contracts). Now, and here is the critical point, if one of those other locations happens to be Iran, and Iranian oil is no longer available because of Obama's saber rattling, then it could drive up the worldwide price of oil, because in that instance, the near-term worldwide availability of oil to worldwide markets has decreased. The result is, Obama and his warmongering buddies are at fault.

Hopefully Cato's lawyers are more talented than their petroleum market analyst.

Tharms of CO 10:40PM March 02, 2012