Something has happened that the GOP said wouldn’t happen unless we elected them in 2012 (and since they haven’t officially taken control of Congress yet, they don’t get to claim credit anyway). Gas has fallen below $2 per gallon in several places around the country, and prices continue to fall, according to a story on CBS 6 Richmond.
Of course, President Obama doesn’t have much control over anything that would have a significant effect on gas prices either way, but that didn’t stop Fox News and the GOP from blaming him for high gas prices. In fact, Fox blasted Obama for crippling the U.S. economy with unaffordable gas prices:
Now, though, prices are falling so much that the Department of Energy has revised its 2015 outlook for oil. They don’t see prices going back up for awhile yet; in fact, they’re expecting the price of Brent crude oil (the worldwide benchmark) to remain below $70 per barrel for 2015. There are several reasons for this, such as OPEC worrying about competition from our own oil production, and from production in Russia. According to Bloomberg, OPEC doesn’t want to give up market share by cutting their production in an attempt to boost oil prices.
Another reason is flagging demand for oil in economies like China and India. That’s helped to drive worldwide oil prices down also. Demand here in the U.S., Europe and Japan is falling, too, thanks to tougher fuel efficiency standards and alternative energy (although U.S. demand is starting to pick up again). For those who said the tougher fuel efficiency standards (well, actually, any regulation at all) would harm the economy, the standards contribute to falling gas prices.
The conservative Brookings Institution has a list of reasons why oil prices have been falling.
Of course, awhile back, Fox News was wondering whether falling gas prices would hurt our economy. It wasn’t an argument they made, per se, but rather, a speculation they were making. Still, if high gas prices were bad, and prices fell, then they would have to find a way to make low gas prices bad as well. Anything to make it look like Obama doesn’t care about our economy.
Too bad, Fox News. But if Obama was responsible for high gas prices, he’s also responsible for low gas prices.
Featured image courtesy of Jamie Wade Becker, used with permission