Obama and gas prices-feeling the heat
According to Bernanke rising commodities prices are of no great concern. Oil prices will eventually come down to some kind of mean reverting average. Oil at 80 seems far away, and the American consumer is feeling the pinch. Looking at the DXY index, as the Usd is plunging, there seems to be little hope of falling oil prices in near term. The financial part, SPX futures, of the economy seems to be doing great, but the average Joe is getting less gas for the buck. Obamas popularity is diminishing by every new rise in gas prices. The masses don’t care about long term fixes of the economy, they ant to drive their cars, especially with peak driving season coming up.
“Obama is feeling the heat from gasoline prices that are about $4 a gallon and may surge higher. A New York Times-CBS News poll found that 70 percent of Americans believe the country is on the wrong track and analysts believe gas prices are a main reason.
The president devoted his weekly radio and Internet address to outlining his views on the U.S. energy predicament, saying clean energy is ultimately the way forward for a country long addicted to gas-guzzling vehicles.
“Now, whenever gas prices shoot up, like clockwork, you see politicians racing to the cameras, waving three-point plans for $2 gas. You see people trying to grab headlines or score a few points. The truth is, there’s no silver bullet that can bring down gas prices right away,” he said. (Reuters)