Slideshow posted in Inside Politics | Wednesday, October 17, 2012
THE FACTS: Presidents have almost no effect on energy prices; most are set on financial exchanges around the world. When Obama took office, the world was in the grip of a financial crisis and crude prices - and gasoline prices along with them - had plummeted because world demand had collapsed. Crude oil prices have since risen even as U.S. oil production has soared in recent years because global demand is reaching new heights as the developing economies of Asia use more oil.
Other energy prices have fallen during Obama's term. Electricity prices, when adjusted for inflation, are down, and homeowners are finding it much cheaper to heat their homes with natural gas. That's because natural gas production has surged, reducing prices both for homeowners and for utilities that burn gas to generate electricity. ( Photo)