Politics have more to do with the price of gasoline than supply and demand.

Posted on December 19, 2007. Filed under: Uncategorized |

The unsavory influence of politics on local gas prices

For years, the oil industry has said that oil prices determine gas prices, but our research suggests that politics have more to do with the price of gasoline than supply and demand.

In October, a local nonprofit consumer group, the Utility Consumers’ Action Network, published a chart showing the relationship between high gas prices and presidential job ratings. The chart shows a “mirror effect” since 2001 establishing a strong correlation between low job approval ratings for the Bush administration and high gas prices. For example, when gas prices reached their zenith in May of this year ($3.45 a gallon in North County and $3.20 nationally), the president’s job approval ratings dropped to a record low of 29 percent…. read more of this story here..

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