Obama's ridiculous story that the doubling of gasoline prices under his watch is a result of economic recovery doesn't fit the facts. According the National Bureau of Economic Research, responsible for officially designating when...
I suspect that oil prices are up because QE 1-3 have devalued the dollar compared to harder assets, like oil. Oil producers take payment in dollars and can adjust prices accordingly because of the relative inelasticity in oil demand.
In the Hofstra presidential debate, President Obama said: "when I took office, the price of gasoline was $1.80. Why is that? Because the economy was on the verge of collapse." Wrong. Prices collapsed because we signaled to the world that we were finally moving forward with developing America's massive offshore oil and gas resources - and they shot back up when Obama reimposed the offshore ban.
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