Democratic National Convention 2012

[Giantone]

Originally Posted by firstdown

This article from CNN is blamming Bush and congress for not doing anything back in 2008.

President, Congress offer no immediate help on gas prices - CNN

She also said it their fault:

Nancy Pelosi Blames Bush and Cheney for Gas Prices |

I see you didn't ready my link becuase if you had then you have seen this....


"

Earlier this year, closures of refineries announced in the United States and elsewhere began pushing up gasoline prices well in advance of the coming "driving season." More recent increases are more closely tied to the delicate balance between increased demand growth and concerns related to supply disruptions, including but not limited to concern over Iran.

The single largest component in the price of gasoline is the cost of crude oil. Federal, state and local taxes as well as refining costs, transportation, retail advertising and the cost of the service station lease also figure in. All things being equal, for gas to cost $2.50 a gallon, the crude oil price would have to be in the $50-a-barrel range (less than half of the current price). And to achieve this anytime soon would likely require a global economic collapse.
With oil at $50-a-barrel it would not be economically viable for oil companies to bear the cost of extracting oil locked up in hard-to-reach places such as the deep ocean or oil sands, where much of the new production is found. Such a price reduction would, in any event, be short-lived, as demand would grow with lower prices while supply languished. For the longer term, the president's goal of doubling fuel economy standards and increasing fuel choices makes eminent good sense: It would make $4 gasoline feel like $2 gas to consumers. Also a very good thing."

.....and that NO President can be held responsible for the rising cost of gas.