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Americans Skeptical About Gas Price Drop
Key Excerpts from Article on Website of CBS News/Associated Press
Posted: November 11th, 2006
http://www.cbsnews.com/stories/2006/09/25/ap/business/mainD8...
Almost half of all Americans believe the November elections have more influence than market forces. For them, the plunge at the pump is about politics, not economics. According to a new Gallup poll, 42 percent of respondents agreed with the statement that the Bush administration "deliberately manipulated the price of gasoline so that it would decrease before this fall's elections." Fifty-three percent of those surveyed did not believe in this conspiracy theory, while 5 percent said they had no opinion. The excitementand suspicionamong U.S. motorists follows a post-summer decline in gasoline prices that even veteran analysts and gas station owners concede has been steeper than usual. The retail price of gasoline has plunged by 50 cents, or 17 percent, over the past month to average $2.38 a gallon nationwide, according to Energy Department statistics. That is 42.5 cents lower than a year ago, when the energy industry was still reeling from the aftermath of hurricanes Katrina and Rita, which damaged petroleum platforms, pipelines and refineries across the Gulf Coast. Fimat USA oil analyst Antoine Halff said there is no doubt that "the downturn in prices is welcome news from an electoral standpoint for the ruling party." But he scoffed at the notion that the U.S. president had the power to muscle around a global market.
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