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Jokester puts up gas prices in effect when Obama took office ($1.79) next to Romney-Ryan sign, photo via Drudge Report
- "U.S. drivers are paying $149 million more each day for gas than in early July (2012)."
8/20/12, "Summertime blues for drivers: Gas at August record," AP via Bloomberg
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5/27/11, "Gas tanks are draining family budgets," AP, J. Fahey
(parag. 13): "Every 50-cent jump in the cost of gasoline takes $70 billion out of the U.S. economy over the course of a year, Hamilton* says. That's about one half of one percent of gross domestic product....
*"James Hamilton, an economics professor at the University of California, San Diego, who studies gas prices."...
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7/23/11, "Could U.S. Gas Prices Rise Above $5 Per Gallon?" IBTimes (International Business Times)
"No one knows precisely at what point oil begins to substantially hinder consumer spending and slow commercial activity - but this much is known: every $1 per barrel rise in oil decreases U.S. GDP by about $100 billion per year and
- every 1 cent increase in gasoline
- by about $600 million per year."...
2/23/11, "What Do Rising Oil Prices Mean for U.S. Economic Growth?" DailyFinance.com, Peter Cohan
"According to the International Monetary Fund, a $10-a-barrel increase in the price of oil
reduces U.S. GDP growth by 0.5 percentage points."...
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As of third week of August 2012, data from St. Louis Fed:
via Zero Hedge, 8/24/12, "On This Week In History, Gas Prices Have Never Been Higher."
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Gas price was $1.79 when Obama was inaugurated, January 20, 2009. (Rated true by Politifact.) It's $3.80 on 9/27/12.
The average price for a gallon of gas in 2005 was $2.30 and Bush was blamed. Why isn't Obama?:
4/27/2005, "Bush fails to persuade Saudis to cut oil price," by Michael Gawenda, Sydney Morning Herald Correspondent in Washington
"With US petrol prices up almost 25 per cent in six months and with polls showing that Americans blame the Bush Administration for these price increases, Mr Bush said oil was top of the agenda at his meeting with Prince Abdullah."...
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Reuters reports gas prices don't matter under Obama and won't matter to voters. To make sure you get their message, Reuters has a big picture of a voter going into a polling place to vote for Obama in 2008:
8/22/12, "Rising gas prices not a big concern for voters," Reuters, John Whitesides
Reuters caption, "A voter arrives at a polling location to vote
in Portland, Maine , Nov. 4, 2008" (When Obama was elected
over fake candidate McCain).
.
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