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Price of Oil Goes Up Under Obama

During the reign of George W. Bush, we took note several times of the dramatic increase of the price of oil – 500 percent. To be fair, I’ve resolved to make the same observation about the trend in the price of oil under Barack Obama.

At the moment that Barack Obama was inaugurated, the price of a barrel of crude oil was $42.50. Right now, the price of a barrel of oil is $52.33

That’s an increase of $9.83 – over 23 percent. Is Barack Obama on his way to an explosion in crude oil prices of the sort we saw under Bush?

Time will tell.

2 comments to Price of Oil Goes Up Under Obama

  • Hmm… I like your site, but do you seriously think that the U.S. president has any major impact on the oil price? At least in the long term that must be necessarily bullocks.
    He can put loads of substitutions or release the reserves, but more substitutions means more consumption means the state pays for it, the overall price stays the same if not goes up further – resulting only in a bigger deficit for the state. If he releases the reserves he’s doing something quite risky as they are as well for the military as for emergencies, like, if there’s another crisis. And in the end at some point you need to refill them, which will drive the oil price up again.
    Also, he could substitute new wells, but that takes years over years to build, so most likely his heir in the throne will gain the benefits, if the stuff would not have been built anyway – higher prices increase the interest of investors to build some more, so so or so the wells would be built – if there is actually a space for it.
    And last he could pressure other countries (OPEC) to release more oil, which at least the Saudi’s could, but they already decided not to, to increase the price and gain more with loosing less of their resources, so how could he possibly pressure them in any way if he doesn’t want to risk that they punish him in return?

    Well, or he could do the Bush move, conquer a state that has oil, but as we all should know by now (and actually since the first gulf war) that will actuall increase the price for a long long time…

    so, well, to assume that the U.S. president has any long-term influence on the (global!!!!!!!!!) oil price is just that: ridiculous. And to assume that it would be in any interest of the U.S. to substitute oil, so that consumers can waste more with unnecessarily big cars… well, I guess I can’t help there anymore.

    Else, keep going, interesting stuff that you write about. Just try to widen your perspective ;)
    k

    • Konstantin, this particular article is meant to make an observation – not to suggest a causal relationship. It’s certainly too early to do that with Obama. I intend to come back to this subject over the years so that it’s an ongoing trend I’ll be marking.

      As for an expanded perspective, keep in mind what the President, in cooperation with Congress can do that’s far beyond what you’ve suggested. The President and Congress together can do a lot more to encourage conservation and discourage energy consumption. The President administers the Department of Energy and the Department of Transportation, as well as other cabinet level departments that have a hand in the matter. There’s a lot of work that could be done which isn’t being done.

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