Reply #24: The 2000 Campaign: The Texas Governor Bush Would Use Power of Persuasion to Raise Oil Supply

[Lasher]

Published: June 28, 2000

Gov. George W. Bush of Texas said today that if he was president, he would bring down gasoline prices through sheer force of personality, by creating enough political good will with oil-producing nations that they would increase their supply of crude.

"I would work with our friends in OPEC to convince them to open up the spigot, to increase the supply," Mr. Bush, the presumptive Republican candidate for president, told reporters here today. "Use the capital that my administration will earn, with the Kuwaitis or the Saudis, and convince them to open up the spigot."

http://query.nytimes.com/gst/fullpage.html?res=9A03E4D71030F93BA15755C0A9669C8B63&sec=&spon=&pagewanted=1

Junior was expressing concern over gas prices that had jumped from $1.42 on May 1 2000 to $1.65 during the following month.

http://www.pbs.org/newshour/bb/economy/jan-june00/gas_prices_6-21.html

When President Bush took office on January 20, 2001, the national average gas price was $1.46 per gallon. Six and a half years later, on August 27, 2007, the national average gas price had jumped to $2.76, roughly 89% higher. Compounded annually, this represents about a 10% jump each year Bush has been in office.

Now, let’s compare the numbers over the same time period for President Clinton.

When Clinton took office on January 20, 1993, the national average gas price was $1.06 per gallon. six and a half years later, the national average gas price had jumped to $1.22, roughly 15% higher. Compounded annually, this represents about a 2% jump each year.

Even when you compare all of Clinton’s term (38% jump overall) against the first six and a half years of Bush’s term, the overall jump in gas prices between the two presidents isn’t even close. In order to meet Clinton’s “numbers” gas prices would have to fall to $2.02 per gallon - or roughly 36%.

http://www.dailyfueleconomytip.com/?p=401

The average US price of a gallon of regular gas is $3.099 today.

http://www.gasbuddy.com/