Asks the conservative accountant and America's Independent Party supporter in Georgia: "Conventional retail gasoline averaged $3.65 a gallon in the most recent week ended October 22, 2012,
yet when Barack Obama was sworn into office the price averaged $1.88.
When questioned about the 94.2% increase which occurred on his watch,
Mr. Obama remarked that the reason gasoline prices were so low when he
entered office was because the U.S.was 'in the middle of an economic depression.' However,
the question wasn’t why prices were so low when he entered office, but
rather why they ballooned by 94.2% on his watch. We’re still awaiting
his answer."
He continues his commentary: "In the second presidential debate, Barack Obama stated that, 'oil imports are at the lowest levels in 16 years.' But as I pointed out in Debate 2 | Obama’s Oil & Gas Rhetoric, the gasoline I need to fill my tank only cost an average of $1.23 a gallon in 1996, the equivalent of $1.81 today. And later in the same debate, Obama proclaimed that, 'oil imports are down to the lowest levels in 20 years.' Well, which is it Mr. President? I pointed out in the same post, that the 1992 price of regular unleaded averaged $1.13 per gallon, the equivalent of $1.86 today. Is the price of gasoline $1.81 to $1.86 today? No. So then what’s Obama’s point?"
More: "Going back to the original question, the reason prices have risen on
Obama’s watch has nothing to do with supply and demand. The root cause
is unprecedented government intervention vis-à-vis his $832 billion
stimulus plan (see Part II).
The stimulus program merely re-inflated a price bubble that existed
prior to the recession, the first caused by lack of supply, and the
second by devaluation of the dollar. It was this artificial
deficit-financed demand that caused gasoline prices to rise from the
$1.88 he inherited to $2.64 by the end of the recession, so that by June
of 2009, gasoline was only 19% below its pre-recession record of $3.25."
Larry Walker Jr.: "When Will Obama Correctly Explain The High Gas Prices Under His Watch?"
