Danny Vinik: “Remember in early 2012, when gas prices were approaching $4 per gallon? Republicans were eager to blame President Obama for consumers having to pay more at the pump.”
“Those comments never made any sense, because Obama has very little control over gas prices, which are determined by global supply and demand … The president isn’t entirely powerless to affect prices, since he can approve drilling permits and pipelines to increase the supply of oil. But his influence is still limited. Even after the recent explosion in U.S. oil production, the country still produces just 10 percent of global crude.”
Now that gas prices have fallen, Republican praise is absent. And, Vinik states, rightly so.
“The president doesn’t deserve credit for lower gas prices, just as he didn’t deserve blame back in 2012.”