Gas prices’ jump attests to upbeat economy
Demand for crude oil has risen as the recovery from the global recession has picked up steam.
Beyond tensions over Iran and refinery problems, the recent jump in gasoline prices stems partly from an encouraging sign: The economy is improving.
The demand for crude oil has risen as the recovery from the severe global recession has picked up steam in the U.S. and abroad. That, in turn, has helped fuel higher prices at the pump, economists and industry analysts said.
See? Obama’s terrific economic policies and the bright prospects for the future under ObamaCare have Americans jumping back into their cars and driving into work again. Uh, well, maybe not Americans:
Demand in the U.S. remains at about 18.7 million barrels a day, well below the pre-recession high of 20 million.
According to the LA Times, global demand more than makes up the difference. Alas the LA Times reporter doesn’t seem to have fact-checked/updated his reporting. He overestimated global oil use by more than a million barrels a year.
What he completely leaves out, however, is how much of that demand could be produced by the US if the Obama administration weren’t fighting against increased oil production—production that would, in turn, lead to more American jobs and more working folks driving to their jobs.