Thats the word from economists concerning the rising price of gasoline. It's not all Obama's fault, even though he admitted in an interview back in 2008 that energy prices WOULD skyrocket under cap and trade:
When the 2008 financial crisis struck, the Federal Reserve unleashed billions of dollars into the market in an attempt to jump-start the economy. Skeptics at the time said the Fed's loose monetary policies, which amounted to printing more money, would lead to a spike in inflation. Now that gas prices are rising, critics are bringing out their knives for the central bank, saying it is responsible for drivers' pain at the gas station. And they say the Fed holds the key to lowering prices, too — all it has to do is turn off the money spigot. Is the Fed to blame for expensive gas?
Absolutely. High prices are the result of easy money: The main suspect for rising gas prices is U.S. monetary policy, says The Wall Street Journal in an editorial. It's simple: "Oil is traded in dollars, and its price therefore rises when the value of the dollar falls." The Fed has signaled that it will continue to weaken the dollar with its easy monetary policy through 2014, and Americans will suffer the consequences every time they buy gas, or groceries. "This is the double-edged sword of an economic recovery 'built to last' on easy money rather than on sound fiscal and regulatory policies."
Well at least one person in Obama’s cabinet is giving honest answers. When Energy Secretary Chu was asked about gas prices he said that they are not focusing on that – and that higher gas prices mean that Americans will push harder for alternative energy mediums. SERIOUSLY!? If I have to fill up my tank again I am going to lose it. Here’s what he said:
“We agree there is great suffering when the price of gasoline increases in the United States, and so we are very concerned about this,” said Chu, speaking to the House Appropriations energy and water subcommittee. “As I have repeatedly said, in the Department of Energy, what we’re trying to do is diversify our energy supply for transportation so that we have cost-effective means.”
“But is the overall goal to get our price” of gasoline down, asked Nunnelee.
“No, the overall goal is to decrease our dependency on oil, to build and strengthen our economy,” Chu replied. “We think that if you consider all these energy policies, including energy efficiency, we think that we can go a long way to becoming less dependent on oil and [diversifying] our supply and we’ll help the American economy and the American consumers.”