Lots of polling data out this week: Here are few separate charts of Presidential Approval rating of key polls (composite); Prez Approval inapposite to gasoline; And then an inverse gas chart:
If this was a stock, I’d advise management to revisit whatever they did in Q3 2001, and Q1 2003. (Uh-oh. Perhaps that explains the saber rattling versus Iran).
The next chart comes to us via Paul Kedrosky’s Infectious Greed: Paul notes that "inverse relation between retail gas prices and President Bush’s approval ratings is worth pondering."
Hardly spurious, Paul — gas prices generate a visceral reaction, and the public wants to blame someone — either the oil companies or the President. (Hey, do you think all those SUVs you fat bastards are driving have anything to do with it?)
Lastly, have a look at this chart, which inverts gasoline prices.
There is clearly a correlation — is it causative, or are the same underlying factors driving both issues? I tihnk it may some of both . . .