Originally Posted by Chieftain58
(Post 5170328)
Do elections fuel pump prices?
We investigate the theory that as election poll numbers drop, so do gas prices.
By Jessica Heffner
Staff Writer
Friday, October 17, 2008
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Tammy Adams changes the price on a gas sign on Thursday afternoon, Oct. 16, at the Shamrock station on Central Avenue in Middletown.Click to enlargeMIDDLETOWN — In today's economy, everything is going down, including gas prices. But many residents are questioning whether that really has to do with the price of a barrel of crude, or crude election tactics.
"It seems like this happens every election year, especially when a Republican is fighting to take office," said 72-year-old Gus Harrison of Liberty Twp. while he filled up at the Kroger gas station in Monroe. "Gasoline prices have dropped to $2.50 a gallon or less in many states, and trust me, they are all the ones with the most electoral votes."
But the fact is, in the 10 states with the most electoral votes, the average price for a regular gallon of gas is still above $2.50, including Ohio, which is clocking in at $2.83, according to AAA's gas gauge.
In California, which carries the most electoral votes, gas is at $3.42, and No. 2 Texas is at $2.89.
While Republicans traditionally do have close ties to the oil industry, the idea that they can control pump prices is not credible, said William Craighead, assistant economics professor at Miami University in Oxford.
"It may be the case that a lot of people in the oil business prefer a Republican in power, but I find it pretty farfetched that (oil executives) would get together and coordinate to manipulate the market in this way," he said. "It would be too hard to get everyone together and keep it secret."
Besides, the president really doesn't have that much control over gas prices or the economy in general, he said.
"People want to think someone is in control, but that is not always the case," Craighead said. "Gas prices falling is the silver lining to a bad economy. It's is not because of George W. Bush. It would have done the same under McCain or Obama."
Gas prices typically fall this time of year, as statistics show, as refineries switch to the less costly winter blend of gas, said the American Automobile Association.
And while prices are lower now, Craighead warns that as the economy rebounds "energy prices will rise again. This is a temporary phenomenon."
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