The quote below is from an e-mail the establishment tool “representing” the 3rd district of Kansas sent over the weekend.
“Since 2008, gas prices have more than doubled (grew by approximately 104%).
During the 1980s gas prices dropped by approximately 66%.
From 1990 until 2008 gas prices grew by less than 30%.”
The implication is, of course, that high gas prices are the result of the president’s energy policy and are therefore his fault. The reality is that high gas prices are only partly due to government energy policies, but have more to do with Federal Reserve policy, specifically in inflating the monetary base.
One way to know this is true is by looking at the prices of other goods, such as clothing and food, which have also been on the rise. And since the president doesn’t really have a national policy on food or clothing, the way there is a national energy policy, something else must be affecting these prices, and the increase in the quantity of money is undoubtedly it.
The other notable takeaway from this politicking is how the price increases are manipulated to make it seem like democrats are the reason we’re paying more for gas. The 1980s figures are the obligatory homage to Reagan that all good republicans must pay. The figures “since 2008” are the evidence that prices have “doubled,” and, curiously, the 18 year period from 1990 to 2008 is thrown in there. The only reason this makes sense is to defuse the rapid price increases from Bush II’s tenure from last decade.
Using this chart, which tracks the price of gasoline in dollars from 1979 to present, we see that it is true that gas prices have risen significantly since 2008. However, we see that they’re actually lower now than when George W. Bush was in office. Furthermore, we see how dramatically they rose during his two terms. It appears they were somewhere near $1.60 when he was sworn in, and over the eight years that followed, rose as high as $4.40, or by 275%.
As I mentioned above, it’s not really a matter of which wing of the same bird of prey is in control, prices have become by and large dependent on currency manipulation, and each wing shares in the blame.