Gasoline Prices Could End Politicians Careers

What a gas this year may be! Petroleum prices hit the $125 per barrel mark on market crude oil recently, prompting predictions by many speculators of gasoline prices at U.S. filling stations to rise above the $4.00/gallon figure for regular unleaded.

Some of the news reporters are already doing their duty by asking motorists how much impact the rising fuel costs are playing in their daily lives. Questions such as these are valid to ask already because - as many have pointed out - the general rule of thumb on peak pricing time for fuel consumption and costs is around the last week of May (Memorial Day Weekend in America). If the price at the pump is at or above that $4.00/gallon mark in late May, it would appear that it could stay near that point for some of the summer driving season in the U.S. and have a tremendous impact on the economy in 2012. This would not bode well for any current government officials if from May to August or September - or later - this "magic price point" were exceeded. That, however political it sounds, would be just as bad for Republicans who historically align with petroleum producers as it would for the sitting Democratic presidential administration largely due to perception by many in the country that would assign blame to those who hold influence on the gasoline industry. And, frankly, blame is not going to be one-sided here in a very highly charged political season in which a president and large number of congressional members are chosen. The impact on incumbents may be much larger than it has appeared to the political observers up until now because the petroleum prices had been in such a steady to slow rise pricing point at the pumps prior to 2012. Now the universal blame will rest not only upon President Obama and an administration that declined approval of a pipeline and additional drilling in domestic fields, but will extend to Republicans that have control of the House of Representatives for not trying to pressure the foreign producers to increase production and hold the price per barrel in check. Yes, they do deserve such criticism when the overall foreign-domestic petroleum discussion is in focus. This, again, is due to the exertion of power by the wealthy members of congress that are in the Republican party and known to have such influence on oil companies and foreign nations.

Will these sitting officials and legislators move quickly enough to get the producers of rough crude to push up the production and get the barrel down below $100, or will the spring and summer and fall in the U.S. become mired in another economic slump generated by high fuel costs?

The true test comes prior to November's elections: will these incumbents impact the oil prices before Americans vote? If not, it may be quite a year for politicians. The many that hold office now may be finding themselves on the unemployment lines.