Is this outrage justified?
Not when you take a few things into consideration.
#1 – Gas prices are at the levels they were in the late spring/early summer of 2008. (Graph 1)
#2 – Inflation has spiked tremendously since the same time in 2008 – when gas prices went even higher. Thus the reason that gas prices dipped in 2008, and have climbed since then in conjunction with the inflation rates. (Graph 2)
#3 - Oil is currently trading about 34% lower than its all time nominal high set in July of 2008 (Graph 3)
#4 - Declining retail inventories will (and have?) help setup the perfect storm for massive price inflation across the board (Graph 4)
Again, Is this outrage justified? No, because the American people are outraged at the wrong people. Rather than being outraged at the oil companies and oil producers, the outrage needs to be on those who control the money supply – The Federal Reserve.
Instead of President Obama talking about releasing oil from the US Reserves, he should be talking about – and pressuring Congress for – the need for monetary reform in the United States.
…given the data, that’s where I believe the outrage should be pointed.