“Ignoring Big Oil’s record profits and Wall Street speculators, Fox News repeatedly blamed President Barack Obama for rising gasoline prices, Media Matters research finds. “Our results show that Fox News covered gas prices far more often than other news outlets — more than CNN and MSNBC combined. 55% of Fox News coverage suggested that President Obama is to blame for rising gas prices. In total, Fox blamed Obama 144 times in two months — more than three times as much as all other news outlets combined”.
“Romney said a television advertisement the Obama campaign began airing this week in six swing states linking Romney with big oil conglomerates amounted to the president blaming him for gas prices. “The president put an ad out yesterday talking about gasoline prices and how high they are. And guess who he blamed? Me!” Romney said during a mid-day campaign stop at a sub shop here. “Maybe after I’m president I can take responsibility for things I might have done wrong. But this president doesn’t want to take responsibility for his mistakes.”
“The Organization of the Petroleum Exporting Countries is an intergovernmental organization of twelve oil-producing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. OPEC’s ability to control the price of oil has diminished somewhat, due to the subsequent discovery and development of large oil reserves in Alaska, the North Sea, Canada, the Gulf of Mexico, the opening up of Russia, and market modernization. As of November 2010, OPEC members collectively hold 79% of world crude oil reserves and 44% of the world’s crude oil production capacity, affording them some control over the global market. The next largest group of producers, members of the OECD and thePost-Soviet states produced only 23.8% and 14.8%, respectively, of the world’s total oil production.”