By Perry Chiaramonte, FoxNews.com
President Obama’s claim during Tuesday’s debate that gas prices have doubled since 2008 because the economy was collapsing four years ago — and the implication that they are higher now because things are better — left some experts scratching their heads.
Economists told FoxNews.com there is a grain of truth to the idea that pump prices go down in bad times and up in good. But refining costs, commodities speculation and oil supply all play a much bigger role in how much a gallon of regular costs drivers, they said. The issue came up when Mitt Romney said the failure of Obama’s energy policy is proven by prices currently hovering at nearly $4 a gallon.
Obama responded with the claim that gas prices fall when the economy does – and that’s why gas was so cheap as President Bush’s tenure came to an end.
â€œThe economy was on the verge of collapse, because we were about to go through the worst recession since the Great Depression, as a consequence of some of the same policies that Gov. Romney’s now promoting.
“Itâ€™s conceivable that Gov. Romney could (bring down) gas prices,” Obama added, “because with his policies we might be back in the same mess.â€
To read more, visit: Â http://www.foxnews.com/politics/2012/10/20/economists-question-obama-gas-price-debate-claim/
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