#GasPrices: Up again and the consequences

Driving into work this morning I was thinking about something of interest to write. Having read the weekend papers, there were many topics on which to pontificate, ponder and expound on. I came up this list:

• The $4 billion the Federal Government will add to the budget deficit today. Racing to the $16 trillion level at breakneck speed is always interesting.

• The April 17 tax filing deadline coming up next week. No tax reform in slight; the Democrats obsession with the ineffective buffet tax; the looming “tax cliff” at the end of the year when tax law expirations, if not addressed, will add a half of trillion in increased taxes in 2013. Good stuff.

• The Presidential campaign is front and center in the news with Mr. Obama making misstatements on the Ryan Budget, misleading the country by whispering in the Russian President’s ear and being so wrong on judicial review by the Supreme Court, an issue taught in high school civics. Mr. Romney more or less wrapping up the Republican nomination is news and perhaps taking one of his wife’s Cadillacs out for a spin can provide good fodder.

• There is always Iran, Syria, Afghanistan and the dubious Arab spring to wax on about although this is not my area of experience.

• The beautiful Easter Day spent exercising my faith, eating a delicious meal (with copious leftovers to come) and listening to inspiring music is worth of comment. Millions of people around the world shared in this day of celebration and renewal.

However, what struck me the most today was the high price of gasoline. As I made the turn to head for the Washington Beltway, the gas station on the corner had raised its price from $4.16 to $4.19 since Friday. Goodness, another price increase.  How could it be? I think the last time I mentioned gasoline a few weeks ago; the price was $3.95 per gallon.

 The price of gas-in spite of what the Government folks and MSNBC says- has an economic and political impact. The more it costs to fill the tank, the less money people have to spend on other things. Every time I see prices posted this high, I get angry and I suspect my views are shared by a whole lot of people. I understand the oil market, refiners margins, the foreign exchange aspects, the international fear factor, and how this all works. However, it does not diminish the feelings.

I am not blaming anyone but note the guy at the head of the table takes the responsibility, in this case, the President. He must take both the political and economic consequences. Trying to explain it away does not work, trying to blame the oil companies does not work particularly when the Administration has done just about everything possible to discourage drilling and, of course, the symbol of Keystone XL pipeline decision (which I believe Mr. Obama will approve some time this fall).

In any event, I would like to write about some interesting tax event, some budgetary tid-bit or great political strategy but it is the gas price that galls and vexes me the most today!