Share on Google Plus Share on Twitter 1 Share on Facebook 1 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 1 (3 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   No comments
OpEdNews Op Eds

Memorial Day Gas Lower than Bush's

By       Message Robert Parry     Permalink
      (Page 1 of 1 pages)
Related Topic(s): ; ; ; ; , Add Tags Add to My Group(s)

View Ratings | Rate It Headlined to H3 5/26/12

Author 1553
Become a Fan
  (81 fans)
This article cross-posted from Consortium News

Gas pump at a filling station. (Photo credit: Aaron Lawrence at the English language Wikipedia)

On Memorial Day weekend 2008, with Republican George W. Bush in the White House, gasoline prices for the United States were about $3.88 a gallon, rising toward a high of $4.12 a gallon in mid-July 2008. That compares to about $3.68 a gallon today and $3.81 a gallon one year ago.

In other words, when compared to four years ago, the Obama administration has not presided over a dramatic increase in gasoline prices as Romney, the presumptive GOP presidential nominee, has suggested. Indeed, there has been a drop from where prices were under Bush in summer 2008.

What a chart of the average gas prices does show, however, is that a far bigger factor in gasoline prices is the strength of the world economy. In May and July 2008, global business was still churning along -- facing mounting problems but with few foreseeing the catastrophe just over the horizon.

After the Wall Street crash of September 2008, economic growth fell off a cliff -- and so did gasoline prices. By year's end, gas prices were down to about $1.61 a gallon. From there, they began a slow climb back along with the world's economy.

Gas prices also have reflected international tensions especially in the oil-rich Middle East. For instance, Israel's saber-rattling over Iran's nuclear program earlier this year contributed to a spike in global oil prices and thus what Americans paid at the pump. As those war fears have receded in recent weeks, so have gas prices, down from about $3.87 a gallon to today's $3.68.

Nevertheless, Romney still brings up gasoline prices in his stump speeches, arguing that President Obama hasn't done enough to keep prices low. However, if that's true of Obama, it was also true of George W. Bush on Memorial Day 2008.


- Advertisement -

View Ratings | Rate It

Robert Parry broke many of the Iran-Contra stories in the 1980s for the Associated Press and Newsweek. His latest book, Secrecy & Privilege: Rise of the Bush Dynasty from Watergate to Iraq, can be ordered at It's also available at

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

Go To Commenting
/* The Petition Site */
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The CIA/Likud Sinking of Jimmy Carter

What Did US Spy Satellites See in Ukraine?

Ron Paul's Appalling World View

Ronald Reagan: Worst President Ever?

The Disappearance of Keith Olbermann

A Perjurer on the US Supreme Court