Normally when gas prices rises, the party in power suffers at the polls. Gas prices rose in 1980 and helped Reagan defeat Carter. They rose in 2006 and helped the Democrats take over Congress. They are spiking in 2012, but this time with no effect on Obama. As much as I would like to disagree with this article,its correct. Although it is right for the wrong reasons.
FORTUNE – Is the President to blame for higher gas prices? As prices at the pump surge to an average of $3.74 a gallon, Republican presidential candidates are hoping to use the issue to battle President Obama in November’s election.
In particular, Newt Gingrich has promised voters he’ll bring prices down to as low as $2.50 a gallon. The increasingly overlooked candidate vying for the GOP nomination has been harping on the “Drill baby Drill” mantra, arguing that raising energy production at home will lead to lower gas prices. Meanwhile, Rick Santorum has warned voters that prices could approach more than $5 a gallon. And even though Mitt Romney’s campaign has reportedly insisted he doesn’t focus on the issue, he’s nevertheless lashed against the administration’s approach to oil and gas development while campaigning in oil-rich North Dakota.
Consumers are influenced by gas prices, but history has shown that what voters pay at the pump won’t necessarily help unseat an incumbent’s party.
For one, the majority of voters don’t narrowly target the president for higher gas prices. They actually spread the blame, at least according to a recent Pew Research Center-Washington Post poll. It found 18% blaming the Obama administration, while 14% held oil companies responsible; 11% felt unrest in the Middle East was to blame and 38% gave a variety of other explanations – from Wall Street traders and speculators to greed.
The media is giving Obama cover for the high oil prices. When oil prices rose under Bush 2006-2008, the media attacked him ferociously. With the Pharaoh, they defend him. They don’t want to insult their god-king!
Tags: Oil Prices