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Gas Prices and Political Mythology

msalmon Wrote: Sep 06, 2012 8:26 AM
LOL, My chapman is still very ignorant when it comes to economics. I guess he is from the Krugman school of economics. Ok My chapman, i will type slowly so even you can understand. Higher supply = lower prices. Its elementary economics. Obviously the increase in domestic oil production (all on private lands btw) has not matched the increase in world demand. If we were allowed int he US to produce as much as we can, no doubt the world supply would increase and price would fall. But like a broken clock that is right twice per day, Mr Chapman is right that the global recession helped to cause prices to drop, why because DEMAND fell. Duh. So Mr Chapman, if supply has no impact on prices as you implied, why does the price goes up when OPEC
If there is any issue you can be sure will come up during a presidential election campaign, it's gasoline prices. They are simple, important and plainly visible to anyone who drives. They're the classic pocketbook issue: When prices are low or at least falling, voters somehow feel better than when prices are high or rising.

Lately it's been the latter. During his acceptance speech at the Republican convention, Mitt Romney faulted President Barack Obama because "gasoline prices have doubled" on his watch, while lamenting the plight of a hard-pressed American "watching the gas pump hit $50." Message: You won't...
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