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Oil Prices Continue To Rise Under Obama Despite Recession

On the day Barack Obama became President of the United States, the price of a barrel of crude oil was $42.50. Today, the price is $72.39 per barrel.

That’s an increase of 70 percent during the time Obama has been President.

Why the increase? We’ve seen the recession deepen, so energy demand ought to be down. Can anyone find an explanation for this?

obama crude oil price

5 thoughts on “Oil Prices Continue To Rise Under Obama Despite Recession”

  1. Tom says:

    Obama’s Wall Street gang is speculating in oil and lots of commodities like copper and grain. It’s not as if he is buying it up on the hope that demand will rise.

    On the other hand, this might interest you: (scroll down to the article on presidential approval rating vs oil price)

    http://www.ritholtz.com/blog/

  2. qs says:

    Speculators. It’s been changing and cycling way to much to be explained by only by dollar weakness or anything like that.

  3. Tom says:

    Well, not exactly qs – our money isn’t worth shit right now since it’s being printed out of thin air with absolutely no backing whatsoever – the oil producers want something more tangible than a piece of paper that may be defaulted on sooner or later.

  4. ReMarker says:

    The price of oil is rarely (if ever) a decision of America’s Executive branch of government. However, the Executive branch can influence pricing trends. It is not unusual for people to blame or give credit to our “Executive” branch for oil prices, among other things real or imagined.
    Here is a list of oil price explainations.

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