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?