English: President George W. Bush and President-elect Barack Obama meet in the Oval Office of the White House Monday, November 10, 2008. (Photo credit: Wikipedia) The global economic reality
BY JOHN MCKAY
It's time to end the loose talk about gas prices under President George W. Bush and President Obama. Presidents cannot control gas prices, unless they want to run the economy into the ground. When the world economy is sluggish, gas prices go down, as demand for oil is less and the reverse is true. Yes, gas prices were low in January 2009, Obama's first month in office, but the world economy was also sliding into the abyss. Just six months earlier, previous gas prices were over $4 a gallon, and Lehman Brothers and a world financial crisis was secretly just two months away. The days of a booming ecomony and low gas prices are a thing of the past.
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