Watching the evening news on ABC, I was particularly struck by the story on rising oil prices. Democrats are concerned that high gas prices will not be good for the candidacy of Barack Obama. I was interested in learning that speculators seem to be driving up the price of oil. Alas, there is little the president can do about gas prices, and speculation is one of the many things over which he has virtually no control.
The Republican candidates are already blaming Obama for gas prices because, of course, they can. Gingrich supposedly has a plan to deliver $2.50/gal. gasoline. It amounts to, as the president pointed out, drill, drill, and keep drilling. Even if you think this is a good idea, it must be pointed out that it won’t deliver $2.50 gas any time soon.
In fact, Republicans are criticizing Obama both for high gas prices and for being soft on Iran. This is frustrating for the president, since putting pressure on Iran is going to increase gas prices. Europe is already putting the squeeze on Iran, and the inevitable result will be higher gas prices for everyone.