LAMBRO: Obama’s anti-oil antics drill into workers’ pockets

Low wage earners feel the biggest pinch

Story Topics
Question of the Day

Is it still considered bad form to talk politics during a social gathering?

View results

Consumer prices jumped sharply last month, rising more than previously forecast for just about everything we buy, from a gallon of gas to the food we eat.

It’s bad enough that during the past six years Americans have had to suffer from painfully weak economic growth, too few jobs, flat wages and rising taxes, under President Obama’s policies. Now we’re facing rising inflation that economists say will only get worse.

Consumer prices increased at more than a 4 percent annual rate in May, rising for the second month in a row, pushing inflation in the past year to its highest level since 2012, according to the Department of Labor.

Food prices alone rose 0.5 percent in May, the sharpest rise in three years. They’re up by 2.5 percent in just the last 12 months, the fastest in almost two years.

Energy prices were rising at an even faster rate last month, up by 0.9 percent — led by higher electricity rates and gasoline costs. The reason: administration regulatory policies that have pushed up utility costs, stymied oil exploration and blocked completion of the Canadian oil pipeline.

Economics columnist Robert J. Samuelson called the president’s opposition to the Keystone XL pipeline from Canada to the Gulf of Mexico “an act of national insanity.”

Other economists have been equally critical of his oil policies.

Mr. Obama “has not been willing to open up drilling for oil off the Atlantic, Pacific and much of the Gulf coasts. That keeps America dependent on imported oil, and sends consumer dollars abroad instead of creating jobs here,” says University of Maryland business economist Peter Morici.

Certainly, the war in Iraq has been a major factor, too, as the global price of crude oil has shot up in response to the crisis in the Middle East.

Gas prices under this administration’s anti-fossil fuel policies have been rising for sometime and will go higher. The national average price for a gallon of regular climbed to more than $3.66 this week — compared to $1.90 a gallon on the day the president was inaugurated.

This didn’t happen by accident. During Mr. Obama’s 2008 presidential campaign, his senior energy adviser, Steven Chu, told The Wall Street Journal, “Somehow we have to figure out how to boost the price of gasoline to the levels in Europe.”

At that time, the price of gasoline in Europe was about $9 a gallon, and soon after, Mr. Obama made Mr. Chu his energy secretary.

“In the last week, the national average [price of a gallon of regular gasoline] has risen 2 cents per gallon, but in some states the pain at the pump is worse than others,” reported this week.

Ohio has seen prices jump to $3.86 a gallon, and Illinois “is bracing for $4 a gallon statewide, with average prices jumping to $3.95 a gallon,” says the website that monitors gas prices around the country. “Few states saw decreases last week.”

Even more shocking is that the government’s core Consumer Price Index, which excludes food and energy costs, rose 0.3 percent last month. That’s the largest increase since August 2011.

Story Continues →

View Entire Story
blog comments powered by Disqus
TWT Video Picks
You Might Also Like
  • Maureen McDonnell looks on as her husband, former Virginia Gov. Bob McDonnell, made a statement on Tuesday after the couple was indicted on corruption charges. (associated press)

    PRUDEN: Where have the big-time grifters gone?

  • This photo taken Jan. 9, 2014,  shows New Jersey Gov. Chris Christie gesturing as he answers a question during a news conference  at the Statehouse in Trenton.  Christie will propose extending the public school calendar and lengthening the school day in a speech he hopes will help him rebound from an apparent political payback scheme orchestrated by key aides. The early front-runner for the 2016 Republican presidential nomination will make a case Tuesday Jan. 14, 2014, that children who spend more time in school graduate better prepared academically, according to excerpts of his State of the State address obtained by The Associated Press. (AP Photo/Mel Evans)

    BRUCE: Bombastic arrogance or humble determination? Chris Christie’s choice

  • ** FILE ** Secretary of State Hillary Rodham testifies on Capitol Hill in Washington, Wednesday, Jan. 23, 2013, before the Senate Foreign Relations Committee hearing on the deadly September attack on the U.S. diplomatic mission in Benghazi, Libya, that killed Ambassador J. Chris Stevens and three other Americans. (AP Photo/Pablo Martinez Monsivais, File)

    PRUDEN: The question to haunt the West

  • Get Breaking Alerts