Ron Paul's Influence - Some in Congress Blame the Fed for Higher Gas Prices.Submitted by Cushman Davis on Wed, 05/18/2011 - 00:56
At the end of the article, it has this info that gives me hope that people in congress are recognizing the true cause of higher gas prices. And whenever some blames the Fed for this, I think of the influence the Ron Paul is having in the discussion of these events.
"Republicans have also released their own report from the Joint Economic Committee Republican staff that claims the Federal Reserve's unprecedented flooding of dollars into the U.S. economy has added 56.5 cents to every gallon of gas.
The report notes that the value of the dollar has dropped 14 percent since the Federal Reserve began its program of quantitative easing in November 2008.
"Americans are paying a steep price at the pump as a result of the weak dollar policies pursued by this administration and the Federal Reserve," said Rep. Kevin Brady, vice chairman and the top Republican on the Joint Economic Committee.
"Rather than pointing fingers at energy manufacturers, the president should be looking to his own Treasury and the Fed for answers to the high price of fuel," he said, adding that the price of a barrel would be $17.04 less if the dollar hadn't declined in value."