So gas prices here in Marietta, OH are spiking past $2.50. I realize there are places where it’s higher but things are poor here and it’s causing some backlash amongst the locals.
I see this fairly often in the national papers, too. And I begin to wonder…
At what point will the rising price of gasoline begin to impact the political landscape. Or rather, when do the voters begin to demand relief from high transportation costs, whether rational or irrational, from elected officials.
Certainly a big chunk of the coverage of the recent energy bill centered on that fact that it wouldn’t bring down gas prices in the near term (and I have doubts about it having any effect, frankly).
So what do you say, folks? This is the sort of question that haunts incumbents.
I dont recall any effects politically when the price of gas has gone up in the past.
What gets me is how that new energy bill gives **billions in tax breaks ** to oil companies at the same time they are posting HUGE profits. :mad:
Coincidence that economic spikes happen during Democratic administrations?
I think not.
That said, there was a post about this-fairly lengthy-a few days back and this prolly belongs there.
Actually, I would classify Jimmy Carter’s defeat after his first term to be partly based in the economic effects of the late-'70s oil price spike. Although the Executive of course has little or no effect over these spikes, like everything else economically-related, the President tends to be the target of blame when these things happen.
Also, what was the Windfall Profits Tax, chopped liver? 
BTW, I’m not qualified to comment on the supposed “billions in tax breaks” mentioned by S_G, but if true, the legislation proposing them surely was drafted long before the current rise in prices. Also, while Googling the original WPT, I seemed to pull up a whole host of Blogosphere-related demands for the re-imposition of such a tax.