It's Time for the President To Be Honest About Gas Prices

Gas has gone over $4 per gallon across Wisconsin. It's time for President Obama to be honest with the American people about gas prices.

With a long track record of support for handouts to special interests, corporate welfare that stacks the deck against small businesses and loopholes in the tax code that place an undue burden on the middle class, it should come as no surprise that career politicians like Barack Obama aren’t being honest with the American people when they talk about gas prices. 

Gas prices have doubled since the president took office. Washington should know by now that simply ignoring solutions to the problems we face does not make them go away—it just makes them worse.  

Instead of aggressively pursuing solutions that will ease your pain at the pump and help achieve American energy independence, President Obama and his allies in Congress are writing off the meteoric rise in gas prices as a product of tensions in the Middle East. Their logic is disingenuous, their rhetoric is dishonest, and the consequences of their inaction are having a devastating effect on the pocketbooks of Americans nationwide.

Middle East tensions have existed for decades, but gas hasn’t always cost $4 per gallon. That is because the rise in gas prices is not being dictated by dictators; instead, it is a byproduct of the federal government’s massive debt and deficits. Because the federal government is borrowing nearly 40 cents of every dollar it spends, the Federal Reserve is engaging in quantitative easing—i.e. money printing.

There are a variety of technical reasons for why the Fed is doing this, but simply put, there are not enough willing buyers of treasury debt at current interest rates, requiring the Federal Reserve to monetize our government’s debt.

The consequence of the Federal Reserve’s actions is the de-valuation of the American dollar against all basic necessities. Oil, sugar, corn, wheat, beans, gold, silver and tin are just a few of the commodities that have seen their value increase exponentially as a result of our nation’s reckless and short-sighted fiscal and monetary policies.

While I absolutely agree that we need to build the Keystone XL Pipeline, tap into our domestic oil supply and invest in new energy technologies, it won’t be enough. All of the oil in the world won’t cure the ills brought on by our federal government’s reckless spending and the Federal Reserve’s irresponsible actions. 

Sound fiscal and monetary policy is the key to economic relief. Sadly, far too many of our leaders in Washington either don’t understand this correlation or are unwilling to be honest with the American people. It is due time that those who we elect to be our voice have a level of economic competency and speak frankly while pursuing solutions that will solve our problems today instead of continually making politically expedient excuses and kicking the can down the road. 

If we truly commit ourselves to fiscal responsibility by reining in the Federal Reserve and ending the wild printing of money, we can ease our pain at the pump. 

For more information about my plan for American energy indepdence, please visit www.EricForSenate.com 

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Michael Bietz April 03, 2012 at 03:29 AM
So we should stop trying to lower gas and oil prices?? Let's set up wind mills and plug our cars in, start raising horses and mules and riding our bikes 25 miles to work? That is the Oblameo plan.
John Jacob Jingleheimer Schmidt April 04, 2012 at 04:12 AM
Hovde, you are clueless. You obviously know next to nothing about efficient markets. Gas costs 25 cents a gallon less when you get out of southeast Wisconsin. You need to get out more.
Justme April 04, 2012 at 01:02 PM
Obama WANTS us to pay more for energy. My last count of solar and wind turbine companies that we're highly subsidized that have already gone bankrupt is 14. http://www.youtube.com/watch?v=HlTxGHn4sH4
Samantha Cook April 05, 2012 at 12:44 PM
I agree that we need to do something about gas price being so high, because this is just crazy that we are paying 4 bucks a gallon. On the hand I think we should find more energy effcient way to get around, because gas and oil will not last forever one day it will be gone. So we need to start to look into new types of energy.
James Gottemoller April 06, 2012 at 02:37 AM
I said this in several different venues. Ramp up production in the Balkans (North and South Dakota). Get this Keystone pipeline built and get it in use. There are estimates of 200-250 yrs worth of oil in this area. If there is truth to this, why we messing with Iran, Iraq, and the others. Back to economics: Currently 6 companies control approximately 53% of refinery capacity. This is monopolistic. No refinery built in the US since 1976. When oil production is fine and no production threats, we still have to deal with all the boutique gases being created thru so few refineries. Economics: Low supplies and increased demand. Gee, this increase prices. It is economics and not the president controls this. So do you still want to blame the president? The Bush administration saw the highest price ever for a barrel of oil ($145). Gas prices and oil prices sure were done in 2008 just as the election was coming. But there were no jobs, the financial system was on the verge of collapse, the republicans for years allowed housing to go on its destructive course. Oh, maybe they didnt have anything to do with housing, no different than Obama having something to do with gas prices.


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