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Gas Prices Fall 12 Cents Per Gallon Since President Obama Announced Speculation Crackdown

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Image from a quicklink The national media, especially Fox News, were quick to report that the sky was falling when Republicans tried to make rising gasoline prices a political liability for President Obama. The conversation dominated political news for weeks, as the national average gasoline price peaked at about $3.93 per gallon. Since President Obama "waved the tar baby" of oil speculation on April 17, though, gas prices have fallen from a national average of about $3.92 on April 16, to about $3.80 per gallon today, and are expected to plunge below $3.50 by July.

Of course, correlation doesn't equal causation, and some are even trying to spin lower gas prices as a negative for President Obama (hello, Murdoch-owned Wall Street Journal), but if rising gas prices are the President's fault (at least when his name is Barack Obama), then falling prices at the pump ought to be a positive...

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