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Alert reader freedom2learn wrote in with this question: I have an OT[off topic] question.....
What does the price of gas have to do with the presidency? Will prices be lower if a democrat is elected in November?
Excellent question for an election year, especially when gas prices are the highest they've ever been.
Answer: In the short term, the president has absolutely nothing to do with gas prices. Politicians will use high gas prices to fuel dissatisfaction toward and resentment of the party that currently holds the office, but that works only because democrat voters, as always, want somebody to blame for their problems, and then fix them.
The President can, however, do something to exacerbate the situation. Look no further than the disastrous presidency of Jimmy Carter. When gas prices went up, he defeated the entire supply/demand/price structure by instituting price controls which any private or home-schooled child will tell you, creates shortages.
Gas prices are set by the world crude oil market. China and India, enjoying economies that are roaring along at 10%-20% growth, are demanding more and more oil. The world's oil exporters will sell their oil to who ever will pay the highest price....as they should. And that in turn, creates a tightening of the oil supply in the US, which causes prices to go up.
Actually, there is not so much of a shortage of crude oil in this country as there is a shortage of refineries. The nutty environmentalists have protested and maligned the petroleum industry to the point that politicians haven't allowed a new refinery to be built in this country in 20 years. There's enough crude oil, but our refining capacity cannot meet the demand with adequate supplies of gasoline. High demand + low supply = high prices. It's really that simple, and the President has absolutely nothing to do with it. I wouldn't let gas prices affect my choice of president, unless that person has promised to "do something" about gas prices. Then vote against that person because whatever they do will be a disaster.