Originally Posted by ScotchAndCigar
Yes, I was joking, jeez. Of course it's supply and demand. I was making a facetious response to Oldarmy's incorrect fact #478, that the US president controls the world price of oil.
I was also illustrating that prices have been higher in the past.
They have, but prices have never climbed as steep as they have over the past 2-3 years.
The chart is adjusted for inflation. You can see that in the original climb to $4.28 took from January 2004 to June 2008, or about 4.5 years. Since the price per gallon crashed to around $2 it has only taken about 3 years to come back to near those levels. In addition, seasonal fluctuations haven't been as significant as they historically were, so gas prices are staying high throughout the winters and then continuing to climb even higher during the summers.
Not Obama's fault per se, but more of the fact the world economy has stabilized along with higher demand from China/India. Any policies he might implement in order to bring down the price in the US will take a few years at best to be implemented (building of pipelines, approval of new rigs and drilling, etc) so the effects (if any) are years down the road. Similar to how Bush's policies in 91 to stop that recession didn't have a real effect until after Clinton had entered into office.