Of course if a Republican was in power, CNN and all its liberal viewers would be ballistic. But since it’s their beloved Obama, it’s really no problem.
…But for the average American household, which has an income of over $62,000 a year, the increase in gas prices represents a relatively small portion of total spending.
For example, in 2008 gas prices were all over the news when they hit their all time high. But in 2010 when prices fell people barely mentioned them.
Yet spending on gas totaled only $12 more per week in 2008 than in 2010, according to numbers provided by the Bureau of Labor Statistics.
That $12 per week is roughly the same amount that BLS figures show people spent on “pets, toys, hobbies and playground equipment.”
Coincidentally, I had the misfortune of cathcing CNN, (as my sister was watching it.) Fareed Zakaria was discussing gas prices in America, and how some Americans believe them to be “too high.” He then went on to pompously list the higher prices other unnamed countries pay per gallon for their oil. So after the commercial break, Zakaria triumphantly announced that Norway pays the most for its oil at almost $10 per gallon. (This article seems to explain why the price in Norway is so high. For those of you not wanting to click on the link, let’s just say there’s some *very* heavy taxation involved, which Mr. Zakaria conveniently omitted.)
Now in a related bit of news, a Washington Post poll shows that only 33% of Democrats believe that Obama has any control over oil prices, whereas in 2006, 73% of them believed the Bush Administration had that power.