I've been hearing many Republican incumbents in Congress recently claim that the Democratic gains in 2006 is to blame for high gas prices. I did a little digging, and while the makeup of Congress has had little to do with the price of oil, the guy in the oval office does.
My numbers are based mainly on the following table: http://www.ioga.com/...
When Bill Clinton took office in January of 1993, the price of crude oil was just over $15 per barrel. When he left in January 2001, the cost was around $29 per barrel. Adjusting for inflation and increased demand, this doesn't seem too bad.
When George W Bush came in, he inherited the $29 per barrel price. As of today, a barrel of crude oil costs $121. That says a lot in and of itself, but take a look further.
The price remained the same, even after 9/11, during the first couple years of Bush's administration things remained stable. After the war in Iraq, however, the average price shot up every year:
- $37
- $50
- $58
- $65
- $102 (so far)
Again, the Republicans will claim that the biggest jump came after the Democratic takeover. But Congress changed hands during the Clinton years. There was speculation during the Clinton years. There was increased demand and overall inflation during the Clinton years.
What did not happen during those years was a war in Iraq and a destabilizing foreign policy.
Now I'm no economist and this post isn't meant to be scientific. But what I can say is that any American with a modicum of common sense can connect these dots.
I cannot for the life of me understand why more Democrats are not telling the people that everything else aside, the Iraq war and its aftermath has had a major effect on oil prices and the blame lies on the folks that got is into this mess.
This should give the voters a clear target on which they can direct their frustration at the ballot box.