Skip to comments.Newt Gingrich predicts high gas prices will 'crater' the economy
Posted on 03/04/2012 4:41:11 PM PST by Libloather
Newt Gingrich predicts high gas prices will 'crater' the economy
By Vicki Needham - 03/04/12 05:41 PM ET
Former House Speaker and GOP presidential hopeful Newt Gingrich hit the president again on Sunday over rising gas prices, saying that increasing pump prices would "crater" the economy by August.
The price of gasoline is becoming a genuine crisis for many American families. If it continues to go higher, it will crater the economy by August because people will have no discretionary income, said Gingrich on CNNs State of the Union.
Republicans along with Gingrich have hammered Obama over rising gas costs, demanding action on energy production calling for increased domestic drilling and for the administration to approve the Keystone XL pipeline project.
The White House though has said there are no quick fixes to rising costs and that the president is doing all he can to reduce the nation's reliance on foreign oil by expanding domestic production and investing in renewable energy sources.
"President Obama goes into the fall with a weakening economy, very expensive gasoline, disastrously bad policy in the Middle East and a trillion dollar deficit," Gingrich said.
"That's a pretty big burden while he's waging war on the Catholic Church and apologizing to Islamic extremists and a pretty heavy burden for President of the United States to carry for reelection."
Republicans alleged last week that the Obama administration isnt working to lower gas prices, pointing to Energy Secretary Stephen Chu's comments during a House Appropriations Committee hearing Tuesday.
Chu noted the overall goal is to decrease our dependency on oil" with alternative sources and efficiency. He added that this would help consumers and the economy.
But Republicans have nonetheless seized on the comments to claim the Obama administration doesnt care if drivers pay more at the pump, because Chu didnt call lowering prices the overall goal.
Following those comments on Tuesday, Gingrich said Obama should fire Chu and that keeping him on would show his commitment to his radical ideology, which wants to artificially raise the cost of energy.
Chu sought to put the allegations to rest later in the week. We very much want to not only slow the price, but reverse the price increase in gasoline, he told the House Science, Space and Technology Committee Thursday.
We definitely feel the pain that every American and every business feels when the price of gasoline goes up, he added, pointing to efforts to increase domestic production, boost energy efficiency and diversify energy sources away from petroleum.
On NBCs Meet the Press, Gingrich also again touted his plan for $2.50-a-gallon gasoline, which the presidential hopeful says is achievable if he is elected.
Gingrich, who spent a short period at the top of national GOP polls after his victory in South Carolina's first-in-the-nation primary, predicted his campaign would rebound, in part buoyed by his energy policy.
"I think with $2.57 a gallon of gasoline, with an American energy plan designed to give us independence from the Middle East so that no American president will ever again bow to a Saudi king I think that we're coming back again for a third time," he said.
Gingrich said his bold ideas on energy differentiated him from his GOP rivals. "I'm more willing to talk about the kinds of solutions we need with being able to produce enough oil and gas to be literally independent of the Middle East," he said.
I know the solution....I’m going out to fill my tires right now!!
Obama is too busy apologizing to murderers who hang Christan pastors, and too sluts, to be worried about how much we spend for gas. Hey, he as a 9 a.m. tee time you now. Things for a busy bro to do. I used to call Obama scum. But, then I had second thoughts. I was being blatantly unfair to scum by putting them as low as Obama. Sorry scum. He’s worse than you.
I'm figuring the middle of April...the action in Syria ought to be complete by then, eh?
I will gladly pay $10 a gallon... till November.
Americans are good a sarcasm with bumper stickers. I think something could be engineered such as “Just filled up from empty. Cost me $120 and one child. Thanks Obama”. Stuff like that to piss off liberals, encoruage conservatives, and influence swing voters there waiting in traffic.
Newt is right on target. People will be traveling less. That means not eating out at restaurants as much, taking fewer or no vacations, shopping less. It is going to be a mess and we can thank Obama & Co for it. GO NEWT GO!
In our economy everything is trucked!
Higher gas, higher diesel, and don’t forget higher heating bills!
This will knock the foundations out from any adjustment the economy might be making to Obamomics!
“Newt Gingrich predicts high gas prices will ‘crater’ the economy”
Makes sense to me. But I guarantee the democrats have a plan to blame them on somebody else, and it just might work.
Ground Air Force 1...and 2!!
I think its possible. And after Dems take their ‘victory over fixing the economy’ dance, giving Obama credit for any job created.
“Moving in the right direction” as Obama likes to say.
“But I guarantee the democrats have a plan to blame them on somebody else, and it just might work.”
And the obammy media whores will hammer the blame story 24/7.
I predict history will long remember the summer gas riots of 2012.
Newt Gingrich handled the media whores very easily today on the Sunday morning talk shows. Smooth as silk and struck like a rattler. If newt would happen to get the nomination, I think their blame game days are numbered.
It will be long before August before the economy craters. The economy stinks now and will get worse long before then.
Drill here, drill now.
I do not want higher gas prices like many Freepers here. If four plus dollar gas doesn’t drive Obama out in November, higher gas prices they advocate will not.
So are the days of their premised questions. Newt reframes their questions, and jams it right back down their throats.
I remember the odd even days and shortages and huge ass lines in the 70’s under Carter, we have lots of fuel this time but now nobody can afford it. by design. Carter by the way started this whole catastrophe we call the Dept of Energy.