“Prior to each national election in the U.S. the price of oil plummets for a several month cycle prior to November voting, and then immediately climbs back up to record-setting highs by about March 1 of the new year.”
Wheels Blog quoting expert who has studied the phenomenon.
Well, I wish I was wrong, but I’ve been saying this for quite some time now. I remember someone commented on NMK two years ago that I (we, actually, NMK said so too) were naive to think that American elections have anything to do with the price of oil. I felt it was naive to think it doesn’t have anything to do with politics. High gas prices at the pump effect how people vote, and the American corporations involved in oil production, as well as the oil magnates in the Middle East know which side their bread it buttered on, metaphorically speaking. They drop their price temporarily for the long term gains they earn by having certain people in office. The article mentioned in this post also went on to say, “The theory rests partly on the idea that incumbent politicians, not wanting to be blamed for rising gas prices, give oil companies concessions to keep prices down.”
Personally, I would rather not be able to say I told you so. 🙁