The price of U.S. oil has dropped nearly 25% since hitting its highs this spring, yet gasoline is down just 10%. So a big drop should be coming, right? The price of Gasoline is damaging not just Americans' finances and mobility but the public's broader economic sentiment, and with Barak Obama's re-election prospects.
On Tuesday, oil was trading at about $87 a barrel on the New York Mercantile Exchange. Obama's ratings are suffering with gas up 26 percent this year to an average $3.88 a gallon, seven in 10 Americans Post poll report financial hardship as a result, six in 10 say they've cut back on driving and, among those hardest hit. n re-election terms, 53 percent of those who are feeling serious hardship as a result of gas prices say they definitely will not vote for Obama in 2012. It's not unusual for a president to take the heat when gas prices rise: George W. Bush's job approval rating correlated with the price of gasoline.
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→Obama's Popularity Too and Gas Prices Slam Mobility
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