I hear this in every presidential election year. No matter how high or low oil and gas prices might be early in the year, people will claim that those prices will begin to drop as the presidential election draws closer. They will say the president is doing it to make sure that he and/or his party will be victorious in the election. What a crock of poop!
The truth is that a U.S. President has little or no control over oil and gas prices. They are determined by market conditions, world events, and the decisions made by the world’s largest oil-producing countries. Things like that are beyond any president’s control. Yes, he may be able to exert a little influence, but that’s about all.
The one thing that he does control is our nation’s strategic oil reserve. He could open that up anytime he wanted, and many presidents have done just that, under certain conditions. However, the strategic oil reserve was not created for the purpose of affecting world oil prices. It was put in place to use at times of crisis – basically to get us through periods of critical shortages. But even on those occasions when the reserve was tapped into, it had little effect on the prices of oil and gas.