Follow Up: The Price of Gas

It has been far too long since I made the original post, but better late than never.

Earlier, I noted that Gasoline prices weren't that much different between Bush's inauguration and the days leading up to President Obama's official day. Turns out, that analysis has held true. According to the Energy Information Administration, a better source than facebook flair (which did get it right, however), the national average price for regular gasoline was $1.46 on January 22, 2001. At the change over, January 19, 2009, the national average was $1.83. This is a difference of 37 cents per gallon or 3.1%. So although it was a wild ride in the interim, the overall change was within normal inflationary rates.

Once again, Presidents really don't impact the economy and Congress controls the purse strings.

The Price of Gas

According to a piece of facebook flair (bad source, I know), the price of gas when President Bush took office was $1.46 a gallon. Gas is now 1.85 in Ypsilanti, Mi. While not back to the original level, a 39 cent increase over eight years is not too bad, approximately 3.3% per year - right near the average inflationary rate.

To me it's more proof that Presidents really don't have that much control over the economy. Remember that the Founding Fathers put the power of the Purse in the hands of the legislature, not the executive. (and even they have limited influence)

We will see if the prices stay depressed coming into January 20.