Magazine article The International Economy

Barack Obama and the Price of Oil

Magazine article The International Economy

Barack Obama and the Price of Oil

Article excerpt

Some Washington insiders are calling it the "Obama effect." What they mean is that U.S. Democratic presidential nominee Barack Obama has become the proverbial "giant elephant in the room" for two groups associated in some fashion with the high price of oil. Those two groups: the Chinese and the Saudis.

Observers say the threat of an Obama presidency hung like a silent cloud over the June discussions between senior U.S. and Chinese policy officials held in Annapolis, MD. Within days of those meetings, the Chinese and other Asian economies took steps to dramatically reduce energy subsidies to lessen upward pressure on global oil prices. The thought is that the U.S. gasoline price at the pump, if it fails to come down significantly before November, is almost certain to contribute to the election of Senator Obama (D-IL) who, in the primaries, expressed a willingness to open up previous trade agreements along with other elements of a policy of "change. …

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