Bush Approval Rating and Oil: Interesting Correlation

by: Bespoke Investment Group August 19, 2008 | about stocks: DBO / OIL / USL / USO    

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Gallup.com's most recent report on President Bush's approval rating highlighted that it had been inching higher since the lows seen in late June.  While still extremely low at 33%, it's 5 points higher than the 28% approval rating seen on June 19th.  Below we highlight a chart of Bush's approval rating since he took office in early 2001 versus the inverse price of oil.  As shown, the two track each other almost perfectly.  As oil prices rose to a record high in June, Bush's approval rating hit a record low.  Is it any wonder that Bush has seen a bounce with oil now $35 off its highs?

Bushapprovaloil

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This article has 5 comments:

  •  
    Aug 19 09:18 PM
    Considering Bush's ties to the oil industry, it poses a rather interesting dilemma:

    "Gee, would I rather be rich, or popular?"
    Reply | Link to Comment
  •  
    Aug 19 11:44 PM
    Nice correlation, but you could draw similar correlations with the dollar, gold, other commodities, etc... The oil correlation is mainly of interest because Bush is a (former) oil man.
    Reply | Link to Comment
  •  
    Aug 20 07:48 AM
    A meaningless correlation.
    Reply | Link to Comment
  •  
    Aug 20 11:38 AM
    I dare say a more meaningful correlation would be Congress VS Oil.
    Reply | Link to Comment
  •  
    Aug 20 02:01 PM
    correlation does not prove causality. low bush/cheney approval correlates with public's sour taste in the mouth following 5+half yrs of endless futile illegal unnecessary iraq war. the wolfowitz promise was 'oil revenues will pay for the war' - remember ?
    > jack
    Reply | Link to Comment
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