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Higher gas prices cloud Obama's re-election hopes

February 23, 2012 RSS Feed Print

"Obviously, people go to the pump all the time, so it's something that really hits home with the voters," said Fred Greenstein, a Princeton University professor emeritus of politics. "It's an easy issue to talk about, and not an easy issue to accomplish very much on."

In his Miami remarks, Obama said that despite political criticism of his policies "America is producing more oil today than at any time in the last eight years. He also noted that, for the first time in 30 years, the United States is now exporting more petroleum products than it imports.

But Jack Gerard, the president of the American Petroleum Institute, challenged Obama's apparent effort to take credit.

"While oil production is up, the increase relates almost entirely to investment and leasing decisions made before, sometimes long before, this administration came into office," Gerard said. "The increase is also due to oil and gas development on private and state lands over which the administration has little or no control at all."

Though Obama's approval rating on the economy has climbed, his negative rating on handling gas prices is stagnant. Just 39 percent approve of what he's doing there, and 58 percent disapprove, according to the new AP-GFK survey.

Mark Zandi, chief economist at Moody's Analytics, said gasoline prices are likely to keep rising as the summer driving season approaches. "Increasingly, it's becoming the biggest threat to the economy," he said. "And there is little presidents can do to influence gasoline prices in the near term."

Some lawmakers have called for Obama to release oil from the nation's Strategic Petroleum Reserve.

"Rising gas prices could be the difference between an economy that continues to recover and an economy that sinks back into recession," said Rep. Edward Markey, D-Mass., among those calling for such a move.

The emergency reserve is kept in salt caverns in Texas and Louisiana and contains about 700 million barrels of oil. There are 42 gallons in each barrel. Last year, as prices rose, Obama authorized the sale of 30 million barrels of oil from the reserve.

However, economists suggest that tapping the reserve to increase the amount of oil on the market has only a modest and temporary effect on gas prices.

Will Obama take that step? White House spokesman Jay Carney says, "We never take options off the table."

Obama may just have to get used to the criticism, because it probably isn't going away anytime soon, said James Thurber, an American University political science professor. "Republicans will hit him with anything that comes up which makes him look bad," he said.

Still, as long as the economy seems to keep improving, Obama probably won't be hurt too much by the attacks "unless gas goes over $5 a gallon," Thurber said.

___

Follow Tom Raum on Twitter: http://www.twitter.com/tomraum

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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We are all aware that any President has no control over the price of gas. This is just another opportunity for corporate-backed politicians in the Republican Party to point out one of Obama's "failings"

Oil corporations from all over the world provide more campaign money to Republicans than to any other political party. Corporations want Republicans to win elections so that regulations will be lowered in all energy sources industries. So why not put the blame on Obama? Oil "Barons" control oil prices whenever it suits them best--not the President--unless, of course, the President is already in the oil business.

Within these next years, if corporations have their way, they will deplete the whole U.S. of our oil and coal, and will move from there to ownership of water supplies. The U.S. doesn't have a chance if we do not move to conserve our present resources and establish new energy sources.

No regulations will allow rampant destruction of anything that interferes with oil and coal production.This will help corporation profits, but spells environmental and economic disaster to human citizens of the U.S.--not that it matters to a corporation. Corporations can make a profit in any part of the World. Corporations will just move on when they finish draining the U.S. dry.

The fact that we human citizens are proud of this Country and struggling to continue a Democracy is of little consequence to the oil and coal industries. Who do you suppose rid the U.S. of most railways and streetcars, so that the United States would become totally dependent on oil and gasoline? This was not an "evolution" into a slowly rising dependence on cars; ridding us of railways and streetcars was a purposeful move by the oil and car industries to sell more oil and automobiles and make BIG profits from both industries. History has recorded this corporate "scam." You are free to look it up. It seems we are always fighting corruption!

http://www.culturechange.org/e-letter-24.html

http://culturechange.org/issue10/taken-for-a-ride.htm

http://www.culturechange.org/fall_of_petroleum_civilization.html

ann keenan of MI 9:57PM February 23, 2012

Umm... I dont think he should get elected again tht is my personal idea cuz he lied to us about alot of things Makain should have won:))

Charity of MO 8:08PM February 23, 2012

High gas prices are the direct result of speculators driving up prices.

American Petroleum Institute threatened “huge political consequences” for not giving the oil industry a free ride on building a pipeline. http://thehill.com/blogs/e2-wire/e2-wire/202359-oil-industry-keystone-rejection-will-have-huge-political-consequences-for-obama

We are seeing the American Petroleum Institute deliver on higher gas prices as a political tool against the president. The American people and our economy will be collateral damage in this epic power play of the fascists trying to exert control over our public policy for their profits.

Ken of CO 7:14PM February 23, 2012

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