Economists say change in command may not change oil prices - KYTX CBS 19 Tyler Longview News Weather Sports

Economists say change in command may not change oil prices

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TYLER (KYTX) - Most everyone has to budget to pay for gas these days, it's a sore subject.

Could that change with who sits in the oval office?

Those who study the economy and oil prices say there are many factors that affect what you see on the sign at the gas station.

Many East Texans feel whoever's sitting in the white house will impact how much it takes to fill up.

As soon as you pay at the pump and the numbers start rolling, you know the price will sting.

"I figure about $300 a month in gas every month," says Danielle Norris.

Norris hopes the price will drop but she's not sure if the president can do it.

Obama says oil production is up 24 percent since the end of bush's term, all while he pushes for new alternative energy sources.

"We can do better and it's time to quit talking and actually do it. I think Gov. Romney demonstrated he can do it," says Chuck Bohot, an engineer.

Bohot says Mitt Romney's plan to further increase domestic drilling will expand supply and decrease prices.

Four years ago gas prices were a little under $2 a gallon, now they're over $3 when we fill up our cars. But before you go putting all your gas in one tank, economic experts say it doesn't necessarily matter who's in the White House as to how much you'll pay at the gas station.

"If you've got supply it can push down prices, but how much and whether or not it makes a huge impact to any customer, I'm not sure there's an answer to that question," says Stephen Kosovich, an economic professor at Stephen F. Austin University.

Kosovich says both candidates are right in a way, expanding alternative sources and increasing supply can help.

But for those filling up, it's a slow climb to see what will happen next.

"Stick card in, grin and bare it and do it," says Bohot.

Kosovich says reasons beyond the president's control upped prices, including world-wide demand for oil.

He doesn't disagree with increasing supplies, either.

In the end, he says it may not have a direct impact on you, or at least a noticeable difference.

During the debate Tuesday, Romney also cited a large drop in oil drilling permits under the Obama administration.

The Department of the Interior temporarily suspended drilling permits in the wake of the BP oil spill.

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