Wednesday, February 29, 2012

Hope and Change at the pump.

On the day Obama was inaugurated, the nationwide average for gas at the pump was $1.78.

How's that "hope and change" workin' out for ya?

Pretty well, actually thanks. Since this is becoming the latest salvo in the knee-jerk conservative's pre-election flurry, here's the context:

Gas prices recorded their greatest-in-history decline throughout the fall of 2008 as the economy crashed. In May 2008, price at the pump was nearly $4/per gallon (if you stretch, you might remember this -- especially if you ride in a truck). By the end of that month, oil was selling at a record $130 per barrel and the pump-price reflected that. In July 2008, pump price had risen to $4.11 per gallon. The escalation peaked in August, foreshadowing the market meltdown that was only weeks away.

In September 2008, everything hit the floor, and per-barrel prices recorded the largest and fastest decline in the history of OPEC through the end of December.

Just after Obama was elected (in November) OPEC took the drastic step of withdrawing over 2 million barrels from daily production in an effort to drive up prices (now down to $40 a barrel, lowest in 4 years). It didn't help. Gas hit a 5-year low in December 2008 at $1.6, in the midst of the worst financial disaster in nearly 80 years, remember: no one was buying, even at that low price. So, yeah, gas was cheap...because we were in market free-fall and our entire system was on the brink of collapse.

What helped: at least a couple of things. 1. Bush bailed out the auto industry, that very same week that OPEC reduced its production by 2 million. 2. Obama continued Bush's bailout policies and added a few of his own, notably ARRA, which put state contracts for summer road-building back on course (I was working with state contractors at the time and saw this first-hand). As the recession bottomed out, gas prices rebounded -- especially since OPEC kept production low. By the summer of 2009, fuel prices were once again north of 3.50 -- right around where they were a year before in the last year of W's Presidency.

You can look it up.

It's worth remembering all of this, as cherry-picking the pump-price for his inauguration date is becoming a nice little "gotcha" piece for those hoping he doesn't get reelected.

2 comments:

Grung_e_Gene said...

Fox News came to the defense of the President concerning gas prices! Back in 2008 and when the president wasn't a *Kenyan Marxist Usurper*

Steve Finnell said...

CALLING ON THE NAME OF THE LORD?

On the Day of Pentecost Peter quoted the prophet Joel (Acts 2:21'And it shall be that everyone who call on the name of the Lord will be saved.')

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Peter preached the death, burial, and bodily resurrection of Jesus. Peter declared the Jesus was Lord and Christ. (Acts 2: 22-26) They obviously believed Peter's preaching because they asked the question(Acts 2:37 ....."Brethren what shall we do?")
Peter did not tell them to say the "sinner's prayer." What was Peter's response to their question? (Acts 2:38 Peter said to them, "Repent, and each of you be baptized in the name of Jesus Christ for the forgiveness of your sins; and you will receive the gift of the Holy Spirit.)


THE NARRATIVE OF CALLING ON THE NAME OF THE LORD.
1. FAITH: Believe in the death, burial, and bodily resurrection of Jesus. Accept Jesus as Lord and Savior.
2. CONFESSION: Acknowledge Jesus as the Christ and the Son of God.
3. REPENTANCE: Make the commitment to turn from sin and turn toward God.
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HOW DID THE ETHIOPIAN EUNUCH CALL ON THE NAME OF THE LORD? (Acts 8:25-40


1. Philip preached Jesus to him. (Acts 8:35)
2. He confessed Jesus as The Christ the Son of God. (Acts 8:37)
3. He was baptized in water. Immersed by Philip. (Acts 8:38-39)
The Ethiopian eunuch did not say the sinner's pray nor was he asked to do so by Philip.


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To call on the name of the Lord is to acknowledge His power and authority and confess Him as Lord and Christ . (Acts 2:26,Acts 8:37, Romans 10:9-10) To call on the Name of the Lord is to repent and be baptized. (Acts 2:38)


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6. Buried through baptism: Roman 6:4-5
7. Water baptism: 1 Peter 3:20-21
8. Baptism: Acts 22:16
9. Baptized into Christ: Galatians 3:27
10. Believe: Acts 16:30-31
11. Repentance and baptism: Acts 2:38
12. God's mercy, water baptism, and the Holy Spirit: Titus 3:5
13. Water baptism: Colossians 2:12-13
14. Repentance: Acts 3:19


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