The war on terror. Illegal immigration. Iraq. Government leaks.

[Flabbergasted]

Dick Cheney’s shooting accident. All pale in comparison to the crisis du jour: the cost of gasoline.

Americans are mightily aggravated by prices at the pump. The exasperation could have ramifications on this year’s elections. Many politicians will milk it for everything it’s worth.

Right now at least, this doesn’t bode well for President Bush and his party. A Washington Post/ABC News poll taken earlier this month had 70 percent of those questioned saying that gas price increases have hurt either them or someone in their household.

More ominously for the Republicans, almost three-quarters of respondents disapprove of the way the President is handling the situation. Pointing out that his job doesn’t include responsibility for keeping gas prices low would be an exercise in futility in most instances.

So would mentioning that, if gasoline had kept pace with wages since 1920, it’d be about $10 a gallon. Or that gas taxes average more than 60 cents per gallon. Or that, partially due to environmental concerns, no refineries have been built in the United States in thirty years.

Moreover, gasoline prices increase every spring because of government mandates to reformulate the fuel so that emissions are reduced. Emerging economies around the world are now competing with the U.S. for petroleum and that’s stimulated big price jumps. It’s called the law of supply and demand.

http://www.webcommentary.com/asp/ShowArticle.asp?id=batesm&date=060428

[Vincardog]

1. "law of supply and demand" Isn't that what ENRON said?

It is market manipulation, Collusion and monopoly power.

[rainy]

2. That's exactally what Randi Rhodes said today!

[Vincardog]

3. Great Minds