Price dip adjusts Bush's gas legacy

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Jolie77

Jolie77

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Price dip adjusts Bush's gas legacy
More cash left in consumers' pockets seen as fiscal boost

A once-popular bumper sticker says simply, "When Bush took office, gas was $1.46." It was meant to be a slam, but as the end of his eight years approaches, President Bush is seeing gas prices that, adjusted for inflation, are lower than when he was inaugurated.

Last week's $1.59 - the average for a gallon of regular on Dec. 29, according to the Energy Information Administration - works out to $1.33 in 2001 dollars, or 9 percent less than it was the day Mr. Bush took office. The tumble in prices, from a high of more than $4.05 in early July, has meant incredible savings.

John B. Townsend II, spokesman for AAA Mid-Atlantic, said the inflation comparison doesn't mean much to consumers paying at the pump, but the drop in prices has put real money in consumers' pockets.

ASSOCIATED PRESS Cars line up to pump gas at $1.53 a gallon for regular in North Andover, Mass., on Dec. 18. The national average a week ago was $1.59, 9 percent less in today's dollars than when President Bush was inaugurated.

At gas prices' peak in July, Americans were spending $1.6 billion a day at the gas pump. Mr. Townsend said that has tumbled $1 billion in five months, and at today's prices drivers are spending about $600 million. For the average family that fills up once a week, that means paying $25 a week rather than $75.

Mr. Townsend said high prices contributed to sending the country into a recession by using up income and added that low prices could help end the downturn.

"Now we're saving this $1 billion a day, and it may be in the long run the thing that pushed us unto the recession is the thing that brings us out," he said.

Republicans said Democrats should issue a mea culpa.

"I wonder if the same people who blamed the president for the increase in prices will now credit him with the reduction in prices. It's only fair," said Don Stewart, spokesman for Senate Minority Leader Mitch McConnell, Kentucky Republican.

Mr. Stewart said the falling prices don't obviate the need to continue to develop American sources of energy, which he said also could produce new jobs.

Gas prices famously have bedeviled Mr. Bush, including at a February press conference when he was stumped by the price at the pump.
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Washington Times - Price dip adjusts Bush's gas legacy

Any thoughts to this? :hmm:
 
"I wonder if the same people who blamed the president for the increase in prices will now credit him with the reduction in prices. It's only fair," said Don Stewart, spokesman for Senate Minority Leader Mitch McConnell, Kentucky Republican."

That would be very interesting to see. I doubt they would even acknowledge that it happen while he was in office. If that is case, shame on them.
 
it's ironic that i read this article today because earlier this afternoon a cab driver told me that fares were recently decreased because of lowered gas prices. i don't like george bush, but i have to give credit where credit is due.
 
Hear Again said:
it's ironic that i read this article today because earlier this afternoon a cab driver told me that fares were recently decreased because of lowered gas prices. i don't like george bush, but i have to give credit where credit is due.
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Yeah, I'm all for giving the credit when it is due but lately, I've been seeing a lot of anger toward Bush because of his performance as a President for the last 8 years. I'm just not so sure if a lot of people are more than willing to give him the credit in this situation. If they aren't, Well -- There's not much we can do to change their opinions about that, right?
 
Jolie77 said:
Yeah, I'm all for giving the credit when it is due but lately, I've been seeing a lot of anger toward Bush because of his performance as a President for the last 8 years. I'm just not so sure if a lot of people are more than willing to give him the credit in this situation. If they aren't, Well -- There's not much we can do to change their opinions about that, right?
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unfortunately, no there isn't. :(
 
The President doesn't control gas prices, therefore, he does not deserve credit nor blame for the increase/decrease in gas prices.

And, gas prices are starting to go back up, at least in my area. It was not going to last long and anyone who thought so (no offense meant), is a fool.
 
BradB08 said:
The President doesn't control gas prices, therefore, he does not deserve credit nor blame for the increase/decrease in gas prices.

And, gas prices are starting to go back up, at least in my area. It was not going to last long and anyone who thought so (no offense meant), is a fool.
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exactly... the President does not control the gas price HOWEVER..... he can indirectly CAUSE it to increase/decrease depending on his handling of foreign affairs especially wars. For ie - attacking Iraq.
 
it's all 9/11 and Clinton fault. la la la *cover my eyes*
 
BradB08 said:
The President doesn't control gas prices, therefore, he does not deserve credit nor blame for the increase/decrease in gas prices.

And, gas prices are starting to go back up, at least in my area. It was not going to last long and anyone who thought so (no offense meant), is a fool.
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You're right. The president does not control the gas prices but however, unfortunately, there are some people out there who would like to think otherwise or to have a scapegoat on this, so to speak.
 
Jolie77 said:
You're right. The president does not control the gas prices but however, unfortunately, there are some people out there who would like to think otherwise or to have a scapegoat on this, so to speak.
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when I get home tonight, I will scan this funny comic from TIME magazine relating to what you just said.
 
Jiro said:
exactly... the President does not control the gas price HOWEVER..... he can indirectly CAUSE it to increase/decrease depending on his handling of foreign affairs especially wars. For ie - attacking Iraq.
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precisely.
 
Jiro said:
when I get home tonight, I will scan this funny comic from TIME magazine relating to what you just said.
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Great, I'll look forward to see the comic. :)
 
Jolie77 said:
Great, I'll look forward to see the comic. :)
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lo and behold.....

200qnhw.jpg



**It's a pix of comic I scanned from TIME magazine. Title is "What are YOU blaming on Bernie Maddof?" and there are 4 persons complaining with :mad2: face
1. I can't find my wedding ring anywhere and I KNOW he's hidden it.
2. My wife left me an' I reckon that's on him SOMEHOW.
3. I don't know how he did it but look at how FAT I've gotten.
4. Late again - damn you maddoff! :mad2:
 
Jiro said:
**It's a pix of comic I scanned from TIME magazine. Title is "What are YOU blaming on Bernie Maddof?" and there are 4 persons complaining with :mad2: face
1. I can't find my wedding ring anywhere and I KNOW he's hidden it.
2. My wife left me an' I reckon that's on him SOMEHOW.
3. I don't know how he did it but look at how FAT I've gotten.
4. Late again - damn you maddoff! :mad2:
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:laugh2:
 
That got-damn Bernard Madoff! He stole my lunch money and lost it in the stock market! :madfawk: Madoff!
 
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