Gas Prices: Bush vs. Clinton vs. Obama
Here's a comparison the media won't be making:
8 years of Bush - Gas prices up 25%
8 years of Clinton - Gas prices up 38%
4 months of Obama - Gas prices up 31.7%
Where is the media outrage?
This very good post from a couple of years ago inspired me to look at updated numbers.
When President Bush took office on January 20, 2001, the national average gas price was $1.46 per gallon. Six and a half years later, on August 27, 2007, the national average gas price had jumped to $2.76, roughly 89% higher. Compounded annually, this represents about a 10% jump each year Bush has been in office.
Now, let’s compare the numbers over the same time period for President Clinton. (emphasis added)
When Clinton took office on January 20, 1993, the national average gas price was $1.06 per gallon. six and a half years later, the national average gas price had jumped to $1.22, roughly 15% higher. Compounded annually, this represents about a 2% jump each year.
Fast forward to January 20, 2009 when Bush left office. At that time, the average price was $1.83 per gallon, roughly 25% higher. Over Bush's entire term of office, gas increased at a compounded annual rate of approximately 2.85% per year. Now, compare that for the entire Clinton term. Over Clinton's entire term, gas went from $1.06 to $1.46 per gallon, approximately 38% higher. Over Clinton's entire term, gas prices increased at a compounded annual rate of approximately 4.1% per year (an annual rate that is approximately 44% higher than under Bush). None of these numbers are adjusted for inflation, but that likely makes little difference.
Since King Barry's coronation, gasoline prices have risen from $1.83 to $2.41. That is 31.7% in only four months.
Does the President really have much influence over this? In my opinion, the answer is no, but don't tell that to Nancy Pelosi who was convinced that Bush was responsible for the high gas prices that were present during a portion of his term. Where are the Congressional hearings, Nancy? Where is the media outrage?