David R. Henderson    Does Obama Bear Responsibility for the
Increased Gasoline Price?  Crowding In... The Affiliation
Heuristic, Con...  Cato Institute scholars Peter van Doren and
Jerry Taylor write that President Obama is not responsible for
the spiraling price of gasoline. They correctly blame the price
increase on the increase in the price of oil. They focus on the
increased price of North Sea oil. But oil is sold in a world
market and the increase in the price of North Sea oil would not
be sustainable if other producers did not also raise their
prices. The main reason for the increased price of gasoline is
the increased price of oil in the world market.  So does Obama
bear any responsibility for the increased price of oil in the
world market? Yes. His saber rattling over Iran makes people
nervous about war with Iran. A war with Iran would likely cut
Iran's output. Because oil is so inelastically demanded, even a
one million barrel per day (mbd) cut in output, in a 90 mbd
market, would drive up the price