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March 20th, 2012
07:26 AM ET

MYB: The truth about gas prices

Bouncing off her recent blog post, Christine Romans takes a somewhat tongue-in-cheek look at what it would take to stop gas prices from rising.


Filed under: Minding Your Business
March 19th, 2012
06:56 AM ET

MYB: Apple cash announcement

Christine Romans explains a highly anticipated announcement from Apple today on plans for their cash stockpile.


Filed under: Minding Your Business
Christine's blog: The truth about high gas prices
March 16th, 2012
03:57 PM ET

Christine's blog: The truth about high gas prices

I'm going to tell you a little secret.

Presidents can't really set the price of gas short-term. And maybe not long-term either.

Sure, you've heard otherwise on the campaign trail. Newt Gingrich says a vote for him is a vote for $2.50 gas. (Picking up from where Congresswoman Michele Bachmann left off.) President Obama calls those campaign promises about gas prices "phoney," oil traders laugh, and economists shrug.

The way I see it, there are maybe five quick ways to lower gas prices quickly.

1) A depression.

2) Peace breaks out between Iran and Israel and the U.S. immediately lifts sanctions.

3) The U.S. drops every one of its clean-air rules.

4) China goes 100% solar overnight.

5) We drain the Strategic Petroleum Reserve dry.

None of those things is happening anytime soon. On point #5, the President did it last year when Libyan supplies were off the market. That helped for a hot second. The risk, of course, is that oil markets see a move on the SPR as a bullish signal, and it just drives prices up further.

Then there is this uncomfortable fact: gasoline demand has been down in the U.S. recently. How can demand be down and prices are up? Because headlines from the Middle East and growth in emerging markets matter more than American demand.

We are entering a period in history when the United States is not the only engine that moves the needle on the global economy. It matters just as much if China, Brazil, India and other emerging markets are guzzling as much oil as we are.

Sure, presidents and governments could RAISE gas prices quickly if they wanted to by taxing it. Beyond that, their control is much more subtle and long-term.

If the controversial Keystone pipeline had been passed, gas prices would probably be exactly where they are now. (That's not to say it's not a good idea to diversify our crude supplies and focus on North American sources. And investments in renewable energy are long-term, costly and as we saw with Solyndra's bankruptcy - political.

What's also political? Drilling. The GOP wants more drilling on federal lands and accuses the White House of slow-walking Gulf drilling permits.

"Do not tell me we're not drilling," President Obama counters. "We're drilling all over this country."

The White House reports the highest domestic oil production in a decade. True. But industry insiders credit policies already in place before this administration.

So where does that leave us?

Bottom line for you: The only thing simple about gas prices, is presidents don't set them. But we certainly feel them.

Richard Florida, the author of "The Great Reset," says "Increasing numbers are walking or biking to work or downsizing that house. If we want to make the American economy thrive, we have to make the American economy less oil dependent and that means the most important thing the president can do and we can do is change the way we live."

What do you think about the politics of gas prices? Weigh in, we want to hear what you think and we'll read your comments on the show.

March 15th, 2012
08:42 AM ET

MYB: Goldman Sachs op-ed sinks stocks

Christine Romans explains the effects of a scathing op-ed in the New York Times from a former Goldman Sachs employee.


Filed under: Minding Your Business
March 14th, 2012
10:23 AM ET

Minding Your Business: Markets rally to highest level since '07

Are America’s banks in better shape than before the financial crisis? The Federal Reserve says yes and markets rally to their highest level since 2007. Christine Romans reports.  


Filed under: Minding Your Business
March 13th, 2012
11:07 AM ET

MYB: China and U.S. spat on rare earths

Christine Romans talks about the trade spat between China and U.S. over rare earths, used for electronics production.


Filed under: Minding Your Business
March 12th, 2012
07:47 AM ET

Minding Your Business: Are college loans a threat to the economy??

Christine Romans explains a new survey that claims college loans may be the next big debt problem for the U.S. Economy.


Filed under: Minding Your Business
March 8th, 2012
06:29 AM ET

Minding Your Business: Banks hurling new fees onto customers

CNN's Christine Romans explains a slew of new fees that banks are leveling on their customers.


Filed under: Minding Your Business
March 6th, 2012
06:45 AM ET

How will unemployment and the economy affect Super Tuesday voters? Christine Romans is Minding Your Business

Christine Romans looks at how jobs and housing issues will affect Super Tuesday voting.


Filed under: Minding Your Business
March 5th, 2012
06:28 AM ET

China cutting its growth forecast? Christine Romans is Minding Your Business

Christine Romans on the latest business headlines for Monday, March 5th, including China cutting its growth forecast.


Filed under: Minding Your Business
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