Browse By

Price Of Oil Continues To Rise Under Obama

When George W. Bush was President of the United States, we made note of the sharp rise in the price of crude oil under his watch. It’s only fair that we pay attention to the price of crude oil as it continues to change under Barack Obama’s presidency.

Two months ago, I remarked that the price of crude oil had risen 23 percent since the day Obama became President. Now, the price is even higher: $66.25 per barrel.

That’s an increase of $23.75 cents from the price of $42.50 per barrel on Inauguration Day this year – a rise of 55.9 percent. That’s not yet close to the nearly 300 percent inflation in the price of crude oil that took place under Bush, but Obama has only been in office for four months.

Supply of crude oil is high. Demand for crude oil is relatively low. The politics of drill baby drill don’t explain what’s going on. So what is the explanation?

4 thoughts on “Price Of Oil Continues To Rise Under Obama”

  1. qs says:

    It’s high was around 140 I believe last year? I recall that number somewhere around the June-August time period.

  2. Gale Whitaker says:

    Get a grip my friend. Worldwide oil production is falling because of peak oil. Neither Obama nor anyone else can stop the rise in oil prices because it’s a diminishing resource, just like gold.

  3. Amy says:

    The same thing that always happens in the summer. People drive more for vacations and consequently the price rises. It is not “drill, baby drill”, but rather Economics 101 – Supply and Demand.

    1. Green Man says:

      But, actually, demand is down, and it’s not summer yet, and oil prices have been rising ever since Obama became President. So, your summer theory becomes, um…

Leave a Reply

Your email address will not be published. Required fields are marked *

Psst... what kind of person doesn't support pacifism?

Fight the Republican beast!