MANHEIM, PA - MARCH 31: Democratic U.S. presidential hopeful Sen. Barack Obama (D-IL) looks at a gas pump prior to a news conference on biofuel at Molly's Gas Station March 31, 2008 in Manheim, Pennsylvania. Obama is on his six-day 'Road to Change' bus tour through Pennsylvania to campaign for the upcoming state's primary. (Photo by Alex Wong/Getty Images)
The Obama administration’s monetary policies have added approximately 56.5 cents to the price of every gallon of gas you pump, according to a new congressional Joint Economic Committee report.
Estimates suggest that had the dollar maintained the value it had when Obama came into office, gasoline would cost approximately $3.40 per gallon instead of around $4 per gallon in many parts of the country.
“Analysts and pundits often cite, correctly or incorrectly, the turmoil in the Middle East, a strengthening global economy, or speculation as the causes for the run up in crude oil prices,” the report said. “What is rarely discussed as an important factor in the rise of the dollar price of oil is the role played by the dollar itself.”
