Comments on: Rep. Bachmann Claims Offshore Drilling And Her Own Determination Lowered Gas Prices http://wonkroom.thinkprogress.org/2008/11/01/bachmann-gas-prices/ Thu, 26 Nov 2009 16:42:01 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: stateofthedivision http://wonkroom.thinkprogress.org/2008/11/01/bachmann-gas-prices/comment-page-1/#comment-2796 stateofthedivision Sun, 02 Nov 2008 16:47:18 +0000 http://wonkroom.thinkprogress.org/2008/11/01/bachmann-gas-prices/#comment-2796 OPEC cut production 1 million barrels a day because of falling demand. It had nothing to do with either of Michele Bachmann's reasons. It had to do with Americans driving less, a phenomena in place for 6 months when Republicans launched their energy protest on a darkened House floor. OPEC cut production 1 million barrels a day because of falling demand. It had nothing to do with either of Michele Bachmann’s reasons.

It had to do with Americans driving less, a phenomena in place for 6 months when Republicans launched their energy protest on a darkened House floor.

]]> By: stateofthedivision http://wonkroom.thinkprogress.org/2008/11/01/bachmann-gas-prices/comment-page-1/#comment-2794 stateofthedivision Sat, 01 Nov 2008 22:37:33 +0000 http://wonkroom.thinkprogress.org/2008/11/01/bachmann-gas-prices/#comment-2794 Bachmann Learner Underdrive: Not Taking Care of the People's Business Bachmann Learner Underdrive: Not Taking Care of the People’s Business

]]> By: stateofthedivision http://wonkroom.thinkprogress.org/2008/11/01/bachmann-gas-prices/comment-page-1/#comment-2792 stateofthedivision Sat, 01 Nov 2008 17:23:30 +0000 http://wonkroom.thinkprogress.org/2008/11/01/bachmann-gas-prices/#comment-2792 A question I have is how are the big money boys trying to influence the election, i.e. steer it toward John McCain. The huge drop in gasoline prices the month before the election could be one indicator. The over 1,000 point rise in the Dow Industrials this past week takes out some of the economic sting as citizens consider their vote. It happened despite awful economic news. Did the big boys temporarily remove inflaming economic irritants? Did they provide a balm of Freedhem for John McCain's Presidential run? The narrative is in place for a McCain, Truman like upset. Will the hegemonic systems of power deliver? Or do they have it in the bag either way, winning under a red or blue administration? Stay tuned... A question I have is how are the big money boys trying to influence the election, i.e. steer it toward John McCain.

The huge drop in gasoline prices the month before the election could be one indicator.

The over 1,000 point rise in the Dow Industrials this past week takes out some of the economic sting as citizens consider their vote. It happened despite awful economic news.

Did the big boys temporarily remove inflaming economic irritants? Did they provide a balm of Freedhem for John McCain’s Presidential run?

The narrative is in place for a McCain, Truman like upset. Will the hegemonic systems of power deliver? Or do they have it in the bag either way, winning under a red or blue administration? Stay tuned…

]]> By: stateofthedivision http://wonkroom.thinkprogress.org/2008/11/01/bachmann-gas-prices/comment-page-1/#comment-2790 stateofthedivision Sat, 01 Nov 2008 17:18:14 +0000 http://wonkroom.thinkprogress.org/2008/11/01/bachmann-gas-prices/#comment-2790 So Michele, in the month before the election gas prices raced downward. Does that mean supply & demand are a coiled spring, when it gets tight enough prices pop one way or another? Horse hockey! Big oil knows how much gas they're selling, maybe even on a daily basis. Production has been down relative to last year for two straight quarters. What did prices do that same period? They soared, as demand cratered. Data shows no relation between price at the pump and miles driven for much of 2008. So Michele, in the month before the election gas prices raced downward. Does that mean supply & demand are a coiled spring, when it gets tight enough prices pop one way or another? Horse hockey!

Big oil knows how much gas they’re selling, maybe even on a daily basis. Production has been down relative to last year for two straight quarters. What did prices do that same period? They soared, as demand cratered.

Data shows no relation between price at the pump and miles driven for much of 2008.

]]> By: stateofthedivision http://wonkroom.thinkprogress.org/2008/11/01/bachmann-gas-prices/comment-page-1/#comment-2788 stateofthedivision Sat, 01 Nov 2008 17:13:19 +0000 http://wonkroom.thinkprogress.org/2008/11/01/bachmann-gas-prices/#comment-2788 Wow, the bar is really low when the people talking about supply & demand, pay no attention to actual supply & demand. It took six months of declining demand for gasoline to stop prices from rising and turn downward. Here's what Micele missed: The first week of October saw demand for gas 9.5% lower than last year. September demand for oil dropped 7% --gas up .91 a gallon from last year August citizens drove 5.7% less --gasoline rose $1.00 July consumers drove 3.6% fewer miles --fuel up by $1.13 June miles driven were 4.7% lower --gas higher by .30 May auto use fell 3.8% --fuel up .32 April miles driven dropped 1.8% ---gas up .18 March miles dropped 4.3% --gasoline up .65 per gallon Wow, the bar is really low when the people talking about supply & demand, pay no attention to actual supply & demand.

It took six months of declining demand for gasoline to stop prices from rising and turn downward. Here’s what Micele missed:

The first week of October saw demand for gas 9.5% lower than last year.

September demand for oil dropped 7%
–gas up .91 a gallon from last year

August citizens drove 5.7% less
–gasoline rose $1.00

July consumers drove 3.6% fewer miles
–fuel up by $1.13

June miles driven were 4.7% lower
–gas higher by .30

May auto use fell 3.8%
–fuel up .32

April miles driven dropped 1.8%
—gas up .18

March miles dropped 4.3%
–gasoline up .65 per gallon

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