The "New Normal" Gas Price Question

10/17/2012 | Jagdgewehr

[Jagdgewehr]

MS. CROWLEY: Mr. President, could you address — because we did finally get to gas prices here — could you address what the governor said, which is: If your energy policy was working, the price of gasoline would not be $4 a gallon here. Is that true?

PRESIDENT OBAMA: Well, think about what the governor — think about what the governor just said. He said when I took office, the price of gasoline was 1.80 (dollars), 1.86 (dollars). Why is that? Because the economy was on the verge of collapse; because we were about to go through the worst recession since the Great Depression as a consequence of some of the same policies that Governor Romney is now promoting. So it's conceivable that Governor Romney could bring down gas prices, because with his policies we might be back in that same mess. (Audience murmurs.)

[Jagdgewehr]

It seems the Libya exchange overshadowed this absurd response from 0bama on the "new normal" gas price question.

[Wings-n-Wind]

[faithhopecharity]

Gas was 1.79 when he was elected. Today it is 4.79.
He keeps restricting supply of gas (and other forms of energy, too).
His Arab dictator pals (the ones he bows down to) get richer and richer, as does his pal Soroz with his Brazilian gas investments, etc.
The rest of us are being bled white.*

Anyone who votes for his re-election can expect him to continue to kill off jobs and the American economy.

*not a racist comment!

[muir_redwoods]

The response goes way beyond fuel prices. It shows that Obama couldn’t pass an Econ 101 quiz even with training. He simply cannot grasp the basic concepts.

[Foolsgold]

One point I caught and Rush touched on, was read the transcript (that she just happened to have) If she had the transcript then it sounds like de'bummer had the question before the debate,its easy to be composed when the answers are pre-written, and proof just happens to be on hand.

[familyop]

There are up to over a billion new drivers on the way in China, India and other countries. My guess is that there will be hundreds of millions over the next decade or two. Manufacturing has already increased in China for the five years that we’ve seen the feel-good propaganda about a mythical Chinese economic collapse.

Have fun. Enjoy the slide. And oh, yeah, oil’s going way up in the long run.

[oyez]

The President seemed indifferent about the higher price of gasoline while just saying America is driving more efficient automobiles, therefore driving further on that gallon of gas..That isn't addressing the issue. The price of gas is unnecessarily high because of taxes and over regulation.

[Buckeye McFrog]

That was my wife’s response too.

“This guy knows NOTHING about economics.
He does not understand small business.
He is clueless when it comes to Capitalism”

[Jagdgewehr]

That was my thought. I was struck on how blatantly ignorant he was in his response. I think every American who heard this response should be appalled. I thought more people would be discussing this one statement...if it weren’t for the other controversies of the evening.

[Made In The USA]

To your point I don’t think the dingdong gets what a $3.00/gallon increase means to a family.

Based on my location, our two cars, our annual mileage - this increase is costing my single income family of four about $2,100 this year. And yes, that IS a lot of money to us. And yes, I AM mad as hell about it.

And of course we know my extra $2,100 is just part of a larger ripple effect of other higher prices where fuel costs (i.e. trucks shipping groceries).

[dblshot]

Generally, this being an energy driven economy, a weak economy requires less energy = less demand= lower energy prices. Obama has turned economic theory upside down with this statement. But then believing that giving public employees more taxed money that comes from producers will cause the producers to create more product to meet the public employees demand is right out of Atlas Shruged. If Ayn Rand wrote that today the title would probably be Atlas S**t.

[VeniVidiVici]