On February 25th, 2012, I posted the following short article here on CDN:
It seems that Americans are enraged – yet again (sarcasm intended) – with the price of gasoline.
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.
Upon posting this article, I was called a “Idiot Socialist” for not blaming President Obama and the Democrats in Congress for the high gas prices. But a mere four days after I posted my article, Ben Swann, anchor at WXIX-TV in Cincinatti, aired the following “Reality Check” on gas prices:
And now the Washington Times has done the research that many fail to do, and proved both Ben Swann and myself to be correct:
WAKE UP PEOPLE! Partisan Politics will never fix the problems this nation faces. Only common sense, and the willingness to listen to those who try to tell you the truth. You don’t have to like what we say, but listen, and fact-check.