THIS IS CALLED A CAMPAIGN ISSUE – AT 9:53 P.M. ET:  Gas at the pump, gas at the pump, who's happy about gas at the pump?  Certainly not the Obama White House.  From the Washington Times:

Feeling pain at the pump? Gas prices have doubled since Mr. Obama took office. According to the GasBuddy gasoline price tracking web site, the price of a gallon of regular gas was around $1.79 when Mr. Obama took office. Today the national average is $3.58. The lowest average price in the continental United States is $3.31 in Tulsa Oklahoma, the highest is $4.14 in Santa Barbara, CA. Four-dollar-a-gallon gas has arrived on average throughout California, and a number of other states are headed in that direction.

Consumer price index (CPI) figures from February show an unadjusted 12 month gasoline inflation rate of 19.2%, but in the last month alone prices jumped 6.8%, probably because of oil price increases due to instabilities in the Middle East. If the trend continues, gas prices would double again within a year. 100% gasoline price inflation is nothing to brag about, but imagine Mr. Obama going into the 2012 election having to explain why gas costs $7.00 a gallon. I'm sure the White House would spin it as one of their "Green" initiatives.

COMMENT:  This is one of the things that shortened the adventurous political life of Jimmy Carter, whose administration Obama's often resembles.  It may be that there is no short-term solution for soaring energy prices, but Obama can take some dramatic action, like making exploration for oil in the U.S. a high priority, and easing restrictions on offshore drilling.  We fear that the theoreticians and environmental religionists in his party will make that impossible.

These prices can cost Obama the election...assuming Republicans can come up with an alternate, fast, and dramatic energy plan that actually lowers prices and increases supply. 

March 31, 2011