Gas Prices: Obama's Misery Index

When Barack Obama took office in 2009, gasoline prices were about $1.84 a gallon, which means Americans could get more than two gallons of gasoline for the price they’re paying for one gallon of gasoline now.  In other words, with the national average of gasoline now at $3.90 a gallon, the $33.12 it took to fill an 18 gallon tank in 2009 will not even cover half the price for gasoline for that same tank in March of 2012. The cost today is $70.20. And this is all thanks to Obama’s opposition to offshore drilling, particularly in the Gulf of Mexico and Alaska, his rejection of the Keystone Pipeline, and his refusal to expand domestic oil production significantly.

To be clear, Obama is quick to point out that he has expanded domestic production to a degree, but as I’ve pointed out in previous posts, his expansion has been anemic at best. For while he’s increased domestic production by 120,000 barrels a day, he’s cut foreign import of oil by one million barrels, thus handing Americans an 880,000 barrel a day shortfall.

Making matters worse, gas prices are only expected to rise as summer gets closer. The $3.90 average is expected to hit $4.25 by the end of the spring and from there, the sky’s the limit.  No wonder 54% of Americans are talking about changing their vacation plans for the summer by either staying closer to home or, if they do take their usual trips, by spending less money shopping and eating out while on vacation. Some Americans are even using the word “staycation” to describe their summer plans.

What we have to remember is that the gas prices we are currently paying are the prices Obama has given us via his refusal to expand oil production–period. These gas prices are Obama’s misery index, and as they rise from an average of $3.90 a gallon to an average of $4.25 (and higher), economic misery will rise with them.

The Obama’s can take vacation after vacation without worrying about the cost because they charge the American people for it. But the first family will not return the favor. Instead, we have cut to back on eating out, shopping, and a myriad of other things we enjoy, just so we can pay Obama’s exorbitant gas prices. Hope and change isn’t working out so good.