facebooktwitterRSS
- Advertisement -
  • Most Commentedmost commented up
  • Most Emailedmost emailed up
  • Popularmost popular up
- Advertisement -
 

« News Home

A world market



Published: Thu, November 8, 2012 @ 12:00 a.m.

Waukegan News-Sun: Gasoline prices in Lake County have been on a recent rollercoaster ride. The price of gas was close to $4 a gallon a few weeks ago, then it dropped to $3.45 a gallon and now is trending a bit upward.

Of all the misleading factoids tossed around by candidates this presidential election season is the one that presidents can control the price of gasoline. Essentially, no president can do much about gas prices in the short run.

Gas nationwide was, indeed, about $1.86 when President Obama took office Jan. 20, 2009, but only because gas prices had plummeted with the global economic crash. A mere eight weeks earlier, gas prices had topped $4 a gallon — higher than today.

Oil is traded on a world market, whether it’s drawn from a well in Saudi Arabia or off the coast of Alaska, making it difficult for any White House to control prices. A new well in America can take a decade or longer to get up and running and, even then, the oil can be sold worldwide. America’s dream of “energy independence” is sure to remain just that, a dream, without further development of renewable home-produced energy

Truth is, presidents deserve little credit or blame, given that oil field yields reflect corporate and government decisions made years earlier.


Comments

Use the comment form below to begin a discussion about this content.


News
Opinion
Entertainment
Sports
Marketplace
Classifieds
Records
Discussions
Community
Help
Forms
Neighbors

HomeTerms of UsePrivacy StatementAdvertiseStaff DirectoryHelp
© 2014 Vindy.com. All rights reserved. A service of The Vindicator.
107 Vindicator Square. Youngstown, OH 44503

Phone Main: 330.747.1471 • Interactive Advertising: 330.740.2955 • Classified Advertising: 330.746.6565
Sponsored Links: Vindy Wheels | Vindy Jobs | Vindy Homes | Pittsburgh International Airport