WASHINGTON (Reuters) - President Barack Obama had a good week. While still basking from the successful hit on America’s number one enemy, the administration also enjoyed watching oil prices deflate in one of the biggest commodity declines ever.
High oil prices, all those headlines about the “pain at the pump,” had begun to eat away at Obama’s presidency, or at least his campaign. And the Republicans were having a field day, saying the Obama administration was driving up oil prices because of its fussy attention on renewable fuel while wringing its hands over that oil spill in the Gulf (so, 2010 y‘know).
But this week, as oil prices fell and fell and fell, the administration was quick to put Attorney General Eric Holder and White House press secretary Jay Carney out with a message to Big Oil that Washington was not going to brook any lollygagging on getting those gasoline savings to voters, er consumers.
Carney said the administration will “make sure that we don’t have what I’ve heard described as a ‘rockets-and-parachutes phenomenon,’ where prices at the pump rocket up when oil prices rocket up, and yet they come down in a parachute fashion when oil prices go down.”
Wonder how that rockets-and-parachutes phenomenon will affect Obama’s poll numbers.
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