Monday, May 28, 2012

Gas And Oil Prices Drop – Shouldn’t They Credit Obama?

We have all seen and heard the ridiculous statements the right has made regarding global oil prices and President Obama’s unwillingness to magically make them drop. We have seen their ridiculous claims that the President is responsible for the high price of gas in the US. Of course the right has forgotten that there is a little thing called proof and facts that should accompany such claims.
The largest ‘news’ organization that keeps us focused on this problem is of course the Fox ‘snooze’ network which is famous for their low level of factual ‘news’ coverage.  ThinkProgress reports that according to numbers put together after extensive research by  Media Matters:
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”.
Here is the results by Media Matters of the Fox coverage on the matter, as revealed by The Young Turks:
Here’s the video:
It was only last month that Romney and his trusted sidekick Paul Ryan (who was at his side) had this little knockup with the President, courtesy of the Washington Post:

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.” 
Every other Republican/conservative/tea bagger/birther/Trump-troll and their cousin has blamed President Obama for the rise in global oil prices and the rise in US gas prices since he was elected. Now that there has been a DROP in GLOBAL OIL PRICES and the DROP IN US GAS PRICES… makes you wonder, why aren’t they giving Obama credit? 
Of course as everyone knows, global oil prices are not controlled by any country’s leader but are in fact largely controlled by OPEC .  This via Wikipedia:
The Organization of the Petroleum Exporting Countries  is an intergovernmental organization of twelve oil-producing countries made up of AlgeriaAngolaEcuadorIranIraqKuwaitLibyaNigeriaQatarSaudi 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 SeaCanada, 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.[6] 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.”
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