Gas Prices and Elections
A number of countries which subsidize the price of gasoline (among other essentials) can no longer take the pain of the rising price of oil and are raising prices at the pump. This past week, India joined Indonesia, Pakistan, Sri Lanka, Bangladesh and Malaysia when it raised prices at the pump 10%, up to about $4.80 per gallon.
Blockades and protests closed down many big cities in India; analysts expect this to be the straw which breaks the camel’s back for the ruling Congress Party, as their popularity was already decreasing.
It’s the economy, stupid. People vote with their pocketbooks.
That said, I guess I’ll make a prediction on the outcome of the US presidential election this year: The ruling party can’t win when the economy is verging on recession and the price of gas has skyrocketed. Well, unless you have Karl Rove on your campaign. (He did “retire” or otherwise get removed from power, didn’t he?)
Oops, sorry, this is a business blog, not a political one…
Image from gov.il.gov
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