Obama - Economy to blame for high gas prices??????

[tonymctones]

How did the state of economy about to "collapse" in 2008 lower the cost of gas?

This was obamas excuse for why gas prices are so high right now.

[Kazan]

How did the state of economy about the "collapse" lower the cost of gas?

This was obamas excuse for why gas prices are so high right now.

Exactly, how the fuck does that even make any sense

[tonymctones]

bump for some libtard to explain this logic....

[tbombz]

if i didnt think that doing so would cause more ill effects to the environment than positive economic benefits i would support opening up the entire world for drilling and pipelines..

[tonymctones]

if i didnt think that doing so would cause more ill effects to the environment than positive economic benefits i would support opening up the entire world for drilling and pipelines..

needs to be done but with an eye on the future but all roads need to be exploited to their fullest extent to get us out of bed with those wackjobs in the middle east

[24KT]

I'm not a libtard, ...but in answer to your question:

This is how the economy is to blame for high gas prices.

The US dollar is worth less today, than it was in 2008. Simple.

When Obama took office, gas was $1.83 /gallon (183 units of American currency)

Today, gas is over $4.00 /gallon. It requires more units of currency to acquire the same thing.

Remember Sept 2008 when the stock market crashed? ...and the Bush administration injected all that money into the economy? Printing and injecting all that money devalued the dollar, so now it requires more dollars to get the same things because the dollars are worth LESS and LESS each day.

Now with Fed chair Bernanke's announcement of QE3 to infinity at a rate of at least $40 Billion per month, the dollar will become worth less and less and even less with each passing day.

Between 2001 - 2011, I have earned my income in US Dollars, and I've seen the steady devaluation and obliteration of the USD every week when paycheques arrived. Every week I would see the narrowing spread between the 2, as the conversion rates from US$ to CDN$ shrank & shrank.

In the last 4 yrs the US$ has lost over 42% of it's value to the point where it is worth less than the CDN$ and worth less than even the Australian$.

Nowadays I don't trust any fiat paper currency. Unfortunately life is such that we still require paper money to function (for now), ...so these days, I make sure my income is paid in a combination of both cash (in the form of euro) and 24KT currency grade gold (in the form of Karatbars)

This is not a spam, ...I'm just trying to answer the question, and this video is one at my fingertips.

The relevant info to answer his question is contained within the first 5 mins

[Soul Crusher]

Obama's Brutal Gaffe: Low Gas Prices Cratered Our Economy
 breitbart.com ^

Posted on Wednesday, October 17, 2012 3:32:23 PM by


Obama's Brutal Gaffe: Low Gas Prices Cratered Our Economy

by Ben Shapiro 17 Oct 2012, 11:48 AM PDT

Last night, President Barack Obama dropped the biggest campaign gaffe of the season – only the media wasn’t watching. It happened during his testy exchange with Mitt Romney over gas prices. First, Obama denied that he’d done anything about denying licenses on oil and gas; he backed off of that shortly. Then he denied that production on federal land was down; he was lying. Finally, Romney hit him with this devastating line:

The proof of whether a strategy is working or not is what the price is that you're paying at the pump. If you're paying less than you paid a year or two ago, why, then, the strategy is working. But you're paying more. When the president took office, the price of gasoline here in Nassau County was about $1.86 a gallon. Now, it's $4.00 a gallon.

Obama’s response was horrendous:

Well, think about what the governor -- think about what the governor just said. He said when I took office, the price of gasoline was $1.80, $1.86. Why is that? Because the economy was on the verge of collapse, because we were about to go through the worst recession since the Great Depression, as a consequence of some of the same policies that Governor Romney's now promoting. So, it's conceivable that Governor Romney could bring down gas prices because with his policies, we might be back in that same mess.

In other words, bringing down gas prices by drilling creates economic recession. That was Obama’s argument.

Does anyone think this president understands basic economics?


(Excerpt) Read more at breitbart.com ...

[OzmO]

How did the state of economy about to "collapse" in 2008 lower the cost of gas?

This was obamas excuse for why gas prices are so high right now.

Yeah, i don't really give a flying fuck.  What ever President is in office with gas prices like this needs to go.

[tonymctones]

I'm not a libtard, ...but in answer to your question:

This is how the economy is to blame for high gas prices.

The US dollar is worth less today, than it was in 2008. Simple.

When Obama took office, gas was $1.83 /gallon (183 units of American currency)

Today, gas is over $4.00 /gallon. It requires more units of currency to acquire the same thing.

Remember Sept 2008 when the stock market crashed? ...and the Bush administration injected all that money into the economy? Printing and injecting all that money devalued the dollar, so now it requires more dollars to get the same things because the dollars are worth LESS and LESS each day.

Now with Fed chair Bernanke's announcement of QE3 to infinity at a rate of at least $40 Billion per month, the dollar will become worth less and less and even less with each passing day.

Between 2001 - 2011, I have earned my income in US Dollars, and I've seen the steady devaluation and obliteration of the USD every week when paycheques arrived. Every week I would see the narrowing spread between the 2, as the conversion rates from US$ to CDN$ shrank & shrank.

In the last 4 yrs the US$ has lost over 42% of it's value to the point where it is worth less than the CDN$ and worth less than even the Australian$.

Nowadays I don't trust any fiat paper currency. Unfortunately life is such that we still require paper money to function (for now), ...so these days, I make sure my income is paid in a combination of both cash (in the form of euro) and 24KT currency grade gold (in the form of Karatbars)

This is not a spam, ...I'm just trying to answer the question, and this video is one at my fingertips.

The relevant info to answer his question is contained within the first 5 mins

First off that has nothing to do with what the president alluded to he said that the reason prices have risen so much is b/c at the beginning of his presidency the prices were depressed due to the economy being on the verge of "collapse"

Im not going to even address the idiocy that is you on your post as the limited knowledge and education you do have on finance and currency are from sales pamphlets and you have no desire to actually learn even basic financial concepts that would actually help your business.

[tbombz]

i think what he was talking about is that people in the oil industry were speculating that a major depression was about to occur and thus sales volume was about to take a massive hit and in order to stock pile up some cash reserves they cut prices to increase sales ..

[tonymctones]

i think what he was talking about is that people in the oil industry were speculating that a major depression was about to occur and thus sales volume was about to take a massive hit and in order to stock pile up some cash reserves they cut prices to increase sales ..

speculators do not have the ability to cut prices....

[dario73]

[tu_holmes]

speculators do not have the ability to cut prices....

No, but they do drive the prices up or down by investing in futures and commodities such as oil.

[Straw Man]

Global supply and demand drives energy prices

Obama was absolutely correct although it wasn't just our economy that appeared to be on the brink of collaps but the global economy

A sudden drop in demand with no change in the supply with drive prices down

Any politician (Dem, Repub, whatever) who thinks or worse, publicly states, that the POTUS has any control over the price of gas is just making of a fool of themselves

Look at this chart of the price of gas for the last 5 years and see if you can remember what was happening at the time the gas suddenly dropped like a rock

[Soul Crusher]

Global supply and demand drives energy prices

Obama was absolutely correct although it wasn't just our economy that appeared to be on the brink of collaps but the global economy

A sudden drop in demand with no change in the supply with drive prices down

Any politician (Dem, Repub, whatever) who thinks or worse, publicly states, that the POTUS has any control over the price of gas is just making of a fool of themselves

Look at this chart of the price of gas for the last 5 years and see if you can remember what was happening at the time the gas suddenly dropped like a rock

GDP has gone down over the last two years correct? 

[Straw Man]

I guess in one sense we can "blame" Obama and Bernake as well for the relatively high price of gas

If they hadn't taken measure to stabalize the credit markets and the economy (which included pumping money into the Eurozone) the global economy could well have fallen into a global depression and we could all be enjoying 1.50 a gallon gas prices as well as all the other joys of a global depression

I'll save 333 the time and say FUBHO !!!!!

[Straw Man]

GDP has gone down over the last two years correct? 

go find a chart and post it

[GigantorX]

go find a chart and post it

It's declining again with downward revisions to previous GDP reports as well.

[Straw Man]

It's declining again with downward revisions to previous GDP reports as well.

he asked if GDP had gone down

what you posted was the rate of growth which is not the same thing but the chart does show the rate of growth has declined this year though GDP is obviously still positive since 4Q09

[tbombz]

speculators do not have the ability to cut prices....

lol.. um.. do business owners not have the ability to "speculate" ? 

[tonymctones]

lol.. um.. do business owners not have the ability to "speculate" ? 

speculators is a term for those ppl entering the market using derivatives you moron...

its not a term for business owners...

[tu_holmes]

Yeah, i don't really give a flying fuck.  What ever President is in office with gas prices like this needs to go.

So when gas prices don't really drop much and Mitt is in office for 4 years, you are cool with ousting him too?

[OzmO]

So when gas prices don't really drop much and Mitt is in office for 4 years, you are cool with ousting him too?

Depends.  Lets say, (pure fantasy I am sure), that the average income goes up 10%, UE goes down to 5%, manufacturing in the USA goes up 25%, health care costs go down 15% then i am good with gas dropping just below 3.50/gal. 

BUT, if its pretty much the same as it is 4 years from now under ROmney then he's got to go.   It may take 100 years before we get some one that can actually get something done.