Photo: Flickr / danmachold
Greetings,President Obama has a problem: gas prices. For over a year now whenever gas prices have spiked, Obama’s poll numbers take a big dip. This has happened when the economy was losing jobs and it is happening now when the economy is gaining jobs.
But there is almost nothing a president can do to make gas prices go down.
Actual price controls would be dramatic but almost certainly would lead to shortages and rationing, as happened in the 1970s. Opening up strategic oil reserves would hardly make a dent in the price. It is far easier to make them go up: a big escalation in tensions with Iran could shoot up prices. Open conflict in the straight of Hormuz would send prices skyrocketing from already record-high numbers. It is no wonder that reports are leaking out claiming Obama has tried to work out a deal that would stall any Israeli attack on Iran until safely after the election.
Here’s the rest:
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This Day In Politics:
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