Archive for gas prices

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Did you hear the one about Mitt Romney, Newt Gingrich, and gas prices?


Okay, this is a real knee-slapper. Did you hear the one about Mitt Romney, Newt Gingrich, and gas prices? Stop me if you've heard this before.

Here goes. Remember this?

Then it got even better, and it only took five measly seconds:

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Then last night, we got this utterly disrespectful, lying, steaming pile of Mitt:

Oh how we laughed at that. I did anyway, as I did in this post from March of this year: VIDEO + Chart: Once and for all, Pres. Obama does not set gas prices:

President Obama has increased oil production, more so than GW Bush ever did, and yet… the United States is consuming less, and prices are going up. Think Progress:

Even the Wall Street Journal and Cato Institute agree: “It’s not Obama’s fault that crude oil prices have increased.” [...]

1) oil prices are set on a global market and 2) the strategy of “Drill, Baby, Drill” adopted by the GOP and President Obama has succeeded at increasing production and decreasing dependency on foreign oil — but it has unsurprisingly failed at affecting global markets.

There's more at the link.

So my guess is that you're waiting for the punchline. Ready? Here it is:


Doonesbury: Blame Obama


Blame Garry Trudeau... for being brilliant. In case you missed it, Once and for all, Pres. Obama does not set gas prices.


President Obama fast-tracks federal wind, solar energy projects


Once and for all, President Obama does not set gas prices, so stop blaming him every time they rise, GOP (of course, when they fall, he gets no credit). But a president can certainly do everything he or she can to get this country weaned off of a finite source of dirty energy like oil or coal.

The Hill:

President Obama is fast-tracking seven federal wind and solar projects as the administration touts its energy policies amid GOP criticism over green investments and rising gas prices.

The projects in Arizona, California, Nevada and Wyoming will produce 5,000 megawatts of power, enough to run 1.5 million homes, the White House said in a statement announcing the decision. [...]

On Monday, Interior and the Department of Defense inked a deal to integrate wind, solar and other green energy technologies with military bases to keep power running during disruptions to the commercial electric grid.

See how clean energy ties into national security? And breathing? And keeping us alive?

In addition to correcting the GOP for blaming the president for rising gas prices, I take pleasure in reporting the debunking of yet another Republican lie, Solyndra:

Republicans have also charged that Obama’s support for green energy often rewards prominent political donors. 

An extensive House GOP report into the administration’s loan guarantee for now-bankrupt firm Solyndra released last week, however, did not find specific evidence to back Republican claims that the Energy Department provided help to the solar panel maker as payback for campaign contributions.

Of course, the Republican message machine has already done its damage whether or not the record had been corrected, and that's just the way they want it.


Auto industry sales on track for strongest sales since 2007


Think Progress has some good news for us, and for the president.

[T]he auto industry is on pace to sell more than 14 million cars and trucks in 2012, the Detroit News reports. That would be the industry’s best sales year since 2007, just two years before the industry’s major American players were bailed out by the federal government.

Imagine that.

The Detroit News puts it this way:

U.S. car and truck sales could surpass 14 million for the first time in five years, with every major automaker reporting a strong midyear performance. [...]

Industry experts attribute the momentum to attractive new vehicles, easier credit, moderating gas prices and modest economic growth.

Wait, what? Lower gas prices? Economic growth? It certainly can't be attributable to President Obama, because he only gets blamed, and that's only if gas prices go up, the economy tanks, and auto sales go down.


Gas prices could hit $3 by autumn


All the stars are lining up.

Nationally, regular gasoline averages $3.47 a gallon, down 47 cents from this year's high in April and well below the $5-a-gallon fears fanned earlier this year by energy speculators, Middle East tensions and oil refinery glitches that crimped supplies.

Those issues appear to be over, at least for now. Thursday, benchmark West Texas Intermediate crude oil fell 4% to $78.20 a barrel, the lowest price since early October and off 20% year-to-date. Coupled with slumping wholesale gasoline contracts for fall delivery, "the market is suggesting gas below $3 by Halloween, and certainly by Thanksgiving," says Tom Kloza of the Oil Price Information Service.

With production up, oil inventories at 21-year highs and tepid consumer demand, gas prices have fallen for 11 weeks. They're expected to drop more sharply after the peak summer driving season.


The expected slump in gas prices could have far-ranging impact, from consumer spending to the presidential elections, where debate over the swift price run-up early this year dominated much of the debate over which political party and energy policy could keep a lid on prices. Now, economists say plunging prices could provide a bit of a floor on the sputtering economy.

"You're talking about roughly $114 billion in extra consumer spending power, and that's a big deal if overall consumer spending is up 2% to 2.5% this year," says Nigel Gault, chief U.S. economist at economic forecasters IHS Global Insight.


VIDEO: Newt Gingrich's 5-second long whopper about gas prices


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Newton Leroy Gingrich knows what he said in this 5-second clip is wrong, and David Gregory didn't bother to correct him.

And for those who don't know what a big ol' whopper he just told, just read this handy dandy post.

As for jobs, Willard M. Romney is more likely to fire than hire. That's pretty much a given.