President Bush and Gasoline Prices
September 10th, 2007 | by Brian Carr |The other morning on my way to work, I was flipping through some radio stations when I heard one morning DJ talking about how low gas prices were before President Bush took office in 2001 and how high they had become since.
Because I have a natural distrust for most morning radio personalities (I think they’re sensationalists and just try to gain listeners by being outrageous and over the top), I decided to look into these claims and see what I could come up with.
Obviously, there are plenty of conspiracy theories out there regarding President Bush and how his administration has helped to manipulate gas prices to help out his Big Oil buddies. Personally, I don’t believe that this is the case (just so you know my bias), however, I think that he has tried to help out his buddies with a very relaxed tax code.
Regardless, we can save this conversation for another time. In the meantime, let’s get back to actual data regarding gas prices.
When President Bush took office on January 20, 2001, the national average gas price was $1.46 per gallon. Six and a half years later, on August 27, 2007, the national average gas price had jumped to $2.76, roughly 89% higher. Compounded annually, this represents about a 10% jump each year Bush has been in office.
Now, let’s compare the numbers over the same time period for President Clinton.
When Clinton took office on January 20, 1993, the national average gas price was $1.06 per gallon. six and a half years later, the national average gas price had jumped to $1.22, roughly 15% higher. Compounded annually, this represents about a 2% jump each year.
Even when you compare all of Clinton’s term (38% jump overall) against the first six and a half years of Bush’s term, the overall jump in gas prices between the two presidents isn’t even close. In order to meet Clinton’s “numbers” gas prices would have to fall to $2.02 per gallon - or roughly 36%.
I’m not saying that this proves President Bush helped manipulate or allowed the manipulation of gas prices, but at the same time, these numbers are pretty staggering.
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23 Responses to “President Bush and Gasoline Prices”
By Fuel Additive on Sep 17, 2007 | Reply
The only problem that I see with this comparison is the old “all things being equal” assumption. World affairs have been much different than they were in the 90’s, so it isn’t really a fair comparison in that sense.
By Anonimoose on Sep 26, 2007 | Reply
So what happens when you compare the profits of oil companies in this same period of time.
Somehow an 89% boost in profit for exxon doesn’t sound out of line with reality.
If it were true that market forces have been driving the price of oil up, you shouldn’t see more profit being made by the oil companies because the profit margins should stay the same, unless you are keeping prices artificially inflated.
By Brian Carr on Sep 26, 2007 | Reply
To be perfectly honest, I haven’t done enough research to find out the difference between profit margins for the time period, although, I would find it tough to believe that Exxon has boosted their profit percentage by 89%.
While I’m sure their gross profit might have jumped by that amount, I don’t think it’s profit percentage jumped by the same amount.
By lightsouwt2 on Oct 9, 2007 | Reply
ExxonMobil’s profit in 1993 was $1.24 bil (before they paid in 1994 for the whole Valdez thing) and in 2006 Exxon’s profits were $39.5 bil
By Brian Carr on Oct 10, 2007 | Reply
What about the revenues?
By Tena Berry on Nov 10, 2007 | Reply
Considering we have been at war for most of President Bush’s administration, could that not have contributed to the substancial increase in fuel prices during his administration verses Clinton’s?
By nj40586 on Jan 27, 2008 | Reply
Clinton had warm winters which affected his oil pirices unlike Bush. Clinton did not have to compete with the demand for oil with China, India and Latin America as Bush does now. Clinton did not have a hurricane damages the refineries in the Gulf. Oil companies make less then a dime per gallon. Their profits come from demand. when oil hit 100 a barrel their stock dropped because that meant demand would drop.
State and Federal Taxes account for over $1.00 a gallon.
By Steve Carmer on Mar 9, 2008 | Reply
Apologists can actually say with a straight face that $1.46 a gallon to now over $3.00 was not Bush’s fault? Record oil company profits, and I don’t mean records for them, records for ANY company EVER? Simply amazing…
By John on Apr 5, 2008 | Reply
Bush Bashing assholes don’t know what they’re talking about
By John on Apr 10, 2008 | Reply
The April 5 comment by another John pretty much sums up the intellectual capacity of anyone in the 30 some-odd percent of Americans who still view Bush and Company favorably.
By Aint no bush bashing asshole here hata! on Apr 22, 2008 | Reply
oh puh-leeze it was all of Bush’s fault…. Bill Clinton was one of the best Presidents… he gave our county a gain surplus of billions when he was in office… what did Bush give us… ummm.. taxes, high prices in everything, majorly high gas prices, war, and dead bodies….! so there you go!
By david on Apr 22, 2008 | Reply
the stats speak for themselves.I cant wait till we get Bush out.
By Brian on Apr 23, 2008 | Reply
Nice reply, very informative. Just because you voted for for Bush does not mean you still have to support him.
Next time tell us how we are wrong.
By Aint no bush bashing asshole here hata! on Apr 24, 2008 | Reply
yes sir-ree… bush got to go… heheha! are you interested in gurlos with a big bush down there or none…? exactly none right? so what im trying to say is we dont need bush as president either… he made the richer get richer and the poorer even poorer! dang Republicans! kiss this asian bleep!
By Aint no bush bashing asshole here hata! on Apr 24, 2008 | Reply
yes sir-ree… bush got to go… heheha! are you interested in gurlos with a big bush down there or none…? exactly none right? so what im trying to say is we dont need bush as president either… he made the richer get richer and the poorer even poorer! dang Republicans! kiss this asian bleep! ha!
By david on Apr 25, 2008 | Reply
In my oppinion Bush should be impeached and thrown in jail. He has done far worse than Clinton did. After all all Clinton did was get a BJ.
By jake k on Apr 25, 2008 | Reply
Just a bj…”I did not have sex with that women.” That was no big deal. Like its no big deal that thousands of pre-teens, teens and young adults are now “not having sex” yet still contracting the hpv virius which is the leading cause of cirvical cancer in women ages 14-29…Guess its no big deal that they cant have kids? Keeps the population down…which means less demand for oil…so those skyrocketing gas prices won’t increase as much. I would think all of the “green” happy poeple out there would be thrilled at the rise in gas prices…after all dont they all drive hybrids. These high gas prices should only be hurting the gas consuming republicans…and soon they will all be forced to by more fuel efficiant cars…and the world will be a better place…so if it is GWB’s fault for high gas prices…he should be hailed as a hero of the planet for doing something that is really getting the attention of everyone.
By Charles on Apr 28, 2008 | Reply
I agree with the above statement about profits being grotesquely inflated along with the prices. Repubs have been trying so hard to believe that their white knight, G-Dub, could not be capable of helping oil companies rip America off, citing wolrd affairs are what cuasing prices to go up.
Although there is some truth to that (even though some of the world affairs that have gone bad have been caused by this administration to begin with), overall, oil companies have experienced mind boggling profits during the Bushee years.
Forbes does an annuual “top 2000 companies in the world” list, and for the first time in history, 3 of the top 5 companies are oil companies. Ya still wanna use the “world affairs” card on this one Fuel Additive?
By david on Apr 28, 2008 | Reply
sex and oil prices have nothing to do with one another.When Bush got in gas was about 1.40 to 1.50 per gallon, now its over 3.60. 7 years later. Do the math. Thats over a 200% increase. ( I wish my paycheck would do that) Besides when Bush was in the running, he told the big oil tycoons ( his buddies) that if he is elected he will take care of them. What happend? Record profits in the oil industry. They are all crooks (Bush and his buddies) any way ya slice it.
By bett you feel dumb now on May 5, 2008 | Reply
lol its 2008 now and gas is almost at 4.00 how do you feel now love it when in doubt do the clinton bashing gas prices rose that little bit because things where changing not cause he was helping out the select few. Man I’d feel reatarded for writing this… Sad thing is your probly complaining now about… if you make under 400,000k and support bush lol well theres a reason your stuck in that bracket
By James on May 7, 2008 | Reply
This is for the John who said:
“Bush Bashing assholes don’t know what they’re talking about.”
President Bush is the worst president in U.S history in my opinion & many others.I did not vote for him in either of his terms.
In case you didn’t know bush is an oil man & although we would never be able to prove it he is getting very very rich from Americans.
So I believe it is primarily our Presidents fault.
He has done nothing but laugh @ the issue
John you are an Asshole!
By kristy on May 8, 2008 | Reply
I agree! The Bush administration is destroying our country! That guy John must have a very low IQ