For some reason this is a myth that will not seem to go away. I found through searching the internet and many articles that the president, whether democrat or republican, has no control over gas prices.
The people who have some control over gasoline prices are the oil and gas companies. Which are for-profit industries. Their main priority, as with any business, is to make money, but how much profit is too much profit if not all their workers are seeing benefits from those profits?
This first link includes many charts and graphs that show how America is becoming less dependent on foreign oil, but oil and gas prices are not dropping?
So why haven’t gas prices gone down if we aren’t having to import large amounts of oil, which costs more money overall. Could it be corporate greed? More money for them, while giving the American people nothing but excuses for why gas prices can’t or won’t come down. One fact I found interesting on the governments website was this, “While profits soar, oil companies are receiving about $7,610 a minute in tax breaks. That’s 4 million a year.” I would like to know why these industries continue to receive “tax breaks” when their profits are higher than they’ve ever been? I believe the money given to them for tax breaks could be put to better use within our country. Just my opinion though.
This second link gets right to the question and answer. Who controls gas prices? The answer comes from the New York Times.
This third link from Time Magazine tells more about how the president isn’t responsible for gas prices and who is. The stock market and the economy are more responsible for gas prices than the president.
This fourth link is from Investopedia. There is a lot of really good information that breaks down the different causes for gas prices, none of which are the president, such as; supply and demand and inflation and taxes.
This fifth link states, not who, but what determines gas prices. Supply and demand and mention again, as well as China, India and other world economies that are expanding.
So the question was, does the president control gas prices? The answer is no, despite popular belief. Supply and demand, inflation and taxes, China, India and other world economies that are expanding all play a role in gas prices. Like with most things no one thing or person is the major cause. The whole, which is the sum of it’s parts, is the problem. Some parts are more to blame than others, but none are absolutely free of guilt.