Gasoline Prices & Presidential Approval
Lots of polling data out this week: Here are few separate charts of Presidential Approval rating of key polls (composite); Prez Approval inapposite to gasoline; And then an inverse gas chart:
If this was a stock, I'd advise management to revisit whatever they did in Q3 2001, and Q1 2003. (Uh-oh. Perhaps that explains the saber rattling versus Iran).
The next chart comes to us via Paul Kedrosky's Infectious Greed: Paul notes that "inverse relation between retail gas prices and President Bush's approval ratings is worth pondering."
Hardly spurious, Paul -- gas prices generate a visceral reaction, and the public wants to blame someone -- either the oil companies or the President. (Hey, do you think all those SUVs you fat bastards are driving have anything to do with it?)
Lastly, have a look at this chart, which inverts gasoline prices.
There is clearly a correlation -- is it causative, or are the same underlying factors driving both issues? I tihnk it may some of both . . .
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the good thing with high gas/oil prices are: low bush approval, big oil gets a bashing, and people get economic incentive to switch to more fuel efficient car and use less energy in general, or make better use of it. It's all we need!! Imagine how hard it would be to get economic incetive program through congress if it would come from environmental side. Now we send the $ to the mideast, to Chavez and others and spend in addition trillions for a useless war...but low bush approval rating might change that, too...there is hope!
Posted by: alex | Apr 28, 2006 1:55:14 PM
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