Gasoline Increased 100% Since Obama Became President

Discussion in 'Economy' started by Bear12feet, Aug 18, 2011.

  1. Bear12feet
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    Bear12feet Member

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    “The day that the president became president gasoline was $1.79 a gallon. Look at what it is today,” she said at an event in Greenville, S.C.. “Under President Bachmann, you will see gasoline come down below $2 a gallon again. That will happen.”

    The average price for a gallon of gasoline is currently $3.58 per gallon, according to AAA.

    Americans will save at the pump if Michele Bachmann is elected president, the Minnesota Republican said Tuesday.

    Bachmann: I'll get gas under $2 - Dan Berman and Molly Ball - POLITICO.com
     
  2. Bear12feet
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    Bear12feet Member

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    I think in June 2008, Crude Oil was $147 per barrel.

    Today Crude Oil is $83 per barrel.

    Why is Gasoline 100% higher when international crude oil price have fallen 50%?

    Today Gasoline must be $2 per gallon because international crude oil price have fallen 50%.
     
  3. Moonglow
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    Moonglow Diamond Member

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    Gas was higher during Bush. But it is not the president who sets gas or oil prices. It is out of their control.
     
  4. edthecynic
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    edthecynic Censored for Cynicism

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    Because oil is a monopoly, and as such can charge any price they want. Supply is up and demand is down but the price is high, proving that market forces do not control prices when a monopoly is in place.
     
  5. expat_panama
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    expat_panama Silver Member

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    If that makes Obama bad then gas prices falling since last month or since 2008 makes him good?
     
  6. Mr. H.
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    Mr. H. Diamond Member

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    That's nonsense.
     
  7. Immanuel
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    Immanuel Gold Member

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    I hate to give any indication that I agree with Edthecynic in any way shape or form, but how is that nonsense?

    Well, technically, Big Oil is not a monopoly. Technically the oil companies are price fixing which is, I believe, illegal so it is in fact not a monopoly. Phew! I don't agree with Ed! Thank goodness.

    Immie
     
  8. edthecynic
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    edthecynic Censored for Cynicism

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    You patted yourself on the back just a little too soon. While it is illegal to OWN a monopoly, it is quite legal to CONTROL one. If you remember, when the government tried to break up the Rockefeller oil monopoly, John D the first simply switched control from his holding company to his bank. Banks are immune from antitrust laws. Banks have accounts like pension funds and they buy stock which is OWNED by the pension fund but the bank VOTES the stock proxies. Thus the Rockefeller family still CONTROLS their oil monopoly without owning it.
     
  9. Mr. H.
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    For all the Congressional hearings over the years, it's yet to be proven there is a monopoly or even prices manipulation.
     
  10. edthecynic
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    edthecynic Censored for Cynicism

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    The Rockefeller family controls Congress and BOTH parties, so what else would you expect.

    After the Standard Oil monopoly was supposedly broken up, some shareholders tried to oust John D from the board. After divestiture on paper Rockefeller only owned 25% of Standard Oil, but in the vote whether to keep him on the board, he VOTED 60% of the proxies. The Rockefeller family has never relinquished their hold on their oil monopoly.
     

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