UP, UP, UP - AT 7:10 P.M. ET:  We have always felt here that a rise in gasoline prices has the potential to alter the political landscape:

NEW YORK (AP) - Retail gas prices climbed for the 50th straight day Wednesday, and crude prices that had slumped all week bounced back.

Historically, filling station prices tend to rise during the summer as millions of Americans take to the road. But a surge in crude prices during the past few months and less production from the refiners that make gasoline has added pressure on prices.

"Refiners slowed production and did a lot of maintenance on the expectation that this was going to be a lousy year for demand," said Fred Rozell, retail pricing director at Oil Price Information Service. "It turns out it wasn't so bad."

COMMENT:  So far the in-the-tank press hasn't asked the White House many questions about gasoline prices.  After all, most reporters either don't drive to work, or drive very short distances.  They may not feel it as much.

But higher energy prices can stifle an economic recovery, fuel (pun intended) inflation, and lead to gas lines, tensions, and discontent.  If prices continue to rise into the 2010 midterm election year, the political effect could be serious.  If, added to these prices, Americans suddenly see sharp rises in electric bills because of global-warming legislation, and both GM and Chrysler continue into failure, things could get very dicey for the party in power.

Gasoline prices, and home-heating-oil prices, aren't abstractions, like the national debt.  People experience them every day.

June 17, 2009