Recent polls suggest that as many as 75% of Americans still view the economy as the most important topic in the coming election. Over the last month, we’ve discussed gas prices, unemployment and the deficit and entitlement programs how they relate to the election. The brief summary is that nothing has changed to diminish the significance of these discussions, which also implies that nothing has been done to formulate a solution.
The move towards higher gas prices is always the easiest to discuss. It’s common ground we can share with nearly everyone. Much of the run up has been blamed on Iranian oil being taken off of the market due to EU and U.S. sanctions on Iran. This assumes incorrectly, that oil is being taken off of the world market and is creating a global shortage. The truth is actually quite the opposite. Iran has continued to pump oil as fast as it can and has been selling it to India and China who are both using this captive market to build their own strategic reserves. The increased output by Saudi Arabia is therefore placing more oil on the global market than before the Iran sanctions were enacted.
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