No less than the Huffington Post joins those warning of the political dangers Obama faces because of gasoline prices. In a piece by Mark Smith, this: "With gas prices climbing and little relief in sight, President Barack Obama is scrambling to get ahead of the latest potential obstacle to his re-election bid, even as Republicans are making plans to exploit the issue."
Republicans can point to the mostly-still-in-effect ban on deep water drilling off America's coasts, but it is not clear that enough oil would be produced to make a major dent.
There might be a bunch of guys sitting in a bar outside of Houston who are manipulating world oil prices - I'm serious; that could be - but it is far more likely that the resurgent economies in the BRIC nations (Brazil, Russia, India, and China) plus the fact that the world is close to having peaked in its ability to locate, drill for, and produce oil means more industrialized nations are chasing less oil.
Demand rising + Supplies dwindling = Prices increasing. Even I understand that.
About a jillion Chinese are joining the middle class from having been subsistence farmers and local merchants. People in the middle class in China (or Russia, Brazil and India) want the same things as middle class Americans in Ames, Iowa: Cars, TVs, air conditioning, and Kraft Dinner.
Manufacturing almost anything takes oil. Moving raw materials to the factory, and moving the finished goods from point A to point B takes oil.
Rather than spending more millions of our tax dollars on even on more government employees looking into whether private companies are doing anything wrong, it would be nice if the President would look for ways to incent private companies to do something right.
The only good thing about $4.00 gasoline is, Obama will not be able to push for what his Liberal allies want most of all: A dollar-per-gallon tax on gasoline to cut consumption.
That would be Obama's fault.