Looks like you and I both learned a little about how people read letters.I never asserted that Bush was RESPONSIBLE for high oil prices; I said
his buddies LIKE high prices because it makes them money. Bush has oil ties, so
do Cheney and Condi. Oil contributed 1.5 million to the Bush campaign. Bush has
oil buddies - lots of them - and they are making money.The Deseret
News cut out the line in my original letter, "Let's use this as an opportunity
to get a BALANCED energy policy." Not stop using oil, but balance our usage with
other forms of energy.But Bush is just pushing for drilling. Why? My
claim is it might have something to do with his ties to the oil industry. Thats
my argument. Brad, you would help your friends out if they asked, and they
didn't even give you 1.5 million dollars. I made the mistake of even
mentioning Bush, just like you mentioning liberals. It distracts people from
the message.My message is: Bush should be balancing our energy
policy instead of using high gas prices to push an agenda of more drilling that
benefits his oil buddies.
"Don't blame gas costs on Bush." Chuckle, snort. WHY THE H-E-YOU-KNOW-WHATS
SHOULDN'T I DO EXACTLY THAT? A whole lotta people really need to
wake up and smell the gasoline. Whose family has deep financial ties to Big Oil
companies? Who were the largest donors to his presidential campaign? Whose
friends hold lucrative oil contracts in Iraq? Who could be taking much more
dramatic action to address this crisis, but isn't? (Hey, a price-fixing inquiry
among our Saudi friends would be a great start!) Who is giving only lip service
to promoting alternative fuels?BTW: I'M no frothing-at-the-mouth
liberal. I'm a disillusioned former Bush voter. I voted for the man--twice. Now
that I can't vote AGAINST him this time, he's finally shown his true colors.Good luck to Bush Jr. and his Golden Parachute.
"Bush just removed the Executive Prohibition on drilling after 7 years in
office."Yeah, to lower the cost of oil by increasing supply.
Democrats are throwing a fit over it. If you support Obama, who opposes
more drilling, how can you seriously, and with a straight face, imply that Bush
should have done this sooner? Are you really a Republican posting satire? Your
post does not make sense. "Bush continues to fill the
strategic petro Reserve causing increased demand."Because one
day we'll need it. "Bush started a war in Iraq over WMD (code
for Oil) which destabilized the region making Iran a regional power.Bush continues to ignore the rebels in Nigeria which continues to blow up
pipelines."You blame bush both for starting wars and not
starting wars. Pick a side and be consistent. If we invaded Nigeria
tomorrow Democrats would go into hysteria about "stealing their oil". Surely you
know that. "Bush VP chenny ran one of the most powerful oil
companies on the planet Halliburton which has went from $6.50 to $50 bucks a shr
during his administration."Halliburton is not an "oil
company". They neither produce nor sell oil.
Odd things bush has done to keep oil going up.Bush just removed the
Executive Prohibition on drilling after 7 years in office. Bush
continues to fill the strategic petro Reserve causing increased demand.Bush started a war in Iraq over WMD (code for Oil) which destabilized the
region making Iran a regional power.Bush continues to ignore the
rebels in Nigeria which continues to blow up pipelines.Bush VP
chenny ran one of the most powerful oil companies on the planet Halliburton
which has went from $6.50 to $50 bucks a shr during his administration.Bush administration held closed door Energy meeting with most big Energy
companies. Discussion never made public. I guess I just do not
drink the cool aid anymore... This administration has failed, there are thousand
of Republicans just like me fleeing the party.
With the two lame choices we're going to have in November? Yes, I would vote for Bush in a heartbeat!
Is Dubya responsible for the recent rise in oil prices or the even-more-recent
fall in oil prices?
Stop your whining and blaming. Doesn't do any good. We need to
show the speculators that America is serious about developing our own sources of
energy. As soon as we do that, the price of oil will come down - today. There, I told you so. Stop whining.Drill here. Drill now.
The conspiracy theory in Asia is that Bush made the Saudis reduce production in
order to slow the growth of China and India and prolong American economic
dominance.I guess that shows two things:(1) Everybody
hates Bush.(2) People would rather imagine a conspiracy than
understand supply and demand.
...Continued"Oil companies are international. I bet they can stash
money on off shore accounts. They can do that with their headquarters."I bet the can too."Do you think Americas best tax experts work for
government making 50K?"The question is, is Congress who writes tax
law, with their $170,000 salary, smart enough to enact laws to plug loopholes?
No imagination | 6:59 p.m.:"wrz Define business."Which
kind? Monkey business?"The tax laws are to encourage business."Tax laws have several purposes/functions. One is to raise revenue.
Another is defined as "fiscal policy.""If you are on a vacation and
there is a vendor in town, is seeing the vendor business?"Depends on
what is being vended.I have property in another state. When I go
there for personal reasons, I take time to inspect my property. Doing so,
allows me to deduct mileage from my return. In an audit IRS would likely
require me to allocate between business and personal."Businesses
deduct river trips as 'team building.'"And IRS rules allow it."You drove to pick up paper for your business. While you were at the
store you bought food."I'd stay away from the salmonella laden
jalapeos. "The jet used by your business that flies you to Deer
Creek to use the corporate retreat as your companys logo. You werent going to
skiing to wanted to make you business logo get more visibility."Uh,
take a deep breath and try that again.Continued....
What is Bush responsible for during his presidency. Remember, what Rush told
you, you can't prove a negative so, no terrorism won't fly.
Wow... looks like my letter stirred up a good little online debate. I find it
interesting that virtually every comment has focused on the last part of my
message (certainly the most controversial) which suggests that the increasing
price of gas is correlated with the Democrats take over of congress.Nobody has defended Scot Singpiel's original assertion (which inspired my
writing this letter in the first place). Mr. Singpiel clearly argued that
President Bush likes high gasoline prices because it makes his oil buddies rich.
This is just plain false... and the facts back that up 100%. Gasoline prices
were ridiculously low during the first 3+ years of the Bush administration.
There is simply no correlation between President Bush's tenure and a rise in gas
prices. We had a strong dollar and relatively cheap gasoline for roughly six
years. No logic or reason would suggest why Bush would suddenly (in 2006) decide
to change that. The truth is... the economy is bigger than any one
president... and it's probably bigger than congress too. Currency and oil prices
are complex and multinational. Yet... no one can argue... prices have more than
doubled since November 2006.
@Re: Ultra bob: It's clear it's not the tanking dollar? Where are you getting
your info? It definately isn't supply. The Saudis increased production to show
that there is plenty of supply. Athough, Libya decreased their production by the
same amount. So that didn't go anywhere. The dollar rose, the price of oil sank.
Then the dollar sinks, and then the oil goes back up. Excessive
speculation and policies enacted by Bush are the two main issues affecting the
cost of oil. China and India have been increasing demand for oil for years. It's
not like they woke up one day and here we are. The cost of producing oil hasn't
changed either. The reason gas is higher in Europe is that 70% of it
is taxes. Not actual oil/gas cost.
Brad -- As many have pointed out, among the many causes of increased price of
oil, is the devaluing the dollar as a result of our massive increase in the
national debt, the direct result of the tax cuts for the rich.As for
blaming the Democratic Congress with the "ad hoc ergo propter hoc" (after this
therefore because of this) argument, that is a common failure in logic. The
cause of serious problem often have long incubation periods and are not
necessarily the responsibility of the office holder at the time.A
bit of background information and scholarship clears up a lot of
rhetoric-induced fantasy and confusion.
wrz Define business. The tax laws are to encourage business. If you are on a
vacation and there is a vendor in town, is seeing the vendor business?
Businesses deduct river trips as team building. You drove to pick up paper for
your business. While you were at the store you bought food. The jet used by your
business that flies you to Deer Creek to use the corporate retreat as your
companys logo. You werent going to skiing to wanted to make you business logo
get more visibility.Oil companies are international. I bet they can
stash money on off shore accounts. They can do that with their headquarters.Do you think Americas best tax experts work for government making 50K?
John Galt @ 4:43 p.m.Monopoly:"A monopoly (or "Pure
oligopoly") exists when a specific individual or enterprise has sufficient
control over a particular product or service to determine significantly the
terms on which other individuals shall have access to it.  Monopolies
are thus characterized by a lack of economic competition for the good or service
that they provide and a lack of viable substitute goods."Oil
production falls in that category.Unfortunately, antitrust laws
apply only to US entities.Congress (or other government branches)
frequently review corporate buyouts and/or consolidations to assure that
monopolies are not created.
At it again with amazingly high level of ignorance.The US oil
companies are small potatoes in the oil industry.The big players are
saudi arabia, russia, opec, etc.With dramatically increasing demand
for oil in places like china and india,It becoming increasinly clear
the the US and US oil companies and the US dollar have very little effect in
world oil prices.These reasons alone are enough to demand the US
must become energy independent.We have oil based economy that's not
changing any time soon.Another reason we must develope our oil and
coal resources.At the same time we must be moving to other
sources.solar wind etc. while great ideas are very expensive right
now and are atleast a decasde away from any practicality.Did you
know it'd takes over 4 BIllION solar panels to replace the oil used by power
companies right now.Nuclear is really the only viable and practical
replacement for oil and coal based power.But the important thing is
we need time to build the infrastructure to eventual change over other sources
without foriegn dependence, which means we must develope our oil and coal
resources now if not years ago.
:-) | 2:26 p.m.:"MEB. I can keep money off the books as profit by
buying other businesses, investing, paying out dividends and other creative tax
avoidance tactics. The goal isn't profits that can be taxed. It's adding share
value."Whoa there, mate. You need accounting 101."I
know people in business who barely show a profit on paper that are doing very
well. You make your car, boat, plane or vacation home a company asset. You're
vacation is business travel."Then, later on, after an IRS audit you
go to jail.
Speculator @ 3:47 p.m.:"Evidence that speculators actually raise
prices is scarce..."When Dubya announced rescinding the ban on
off-shore drilling the price of oil went down about $20. That's speculation.
If Congress (i.e., Nancy Peloci) would allow a vote in Congress on the same
issue the price of oil would go down probably by another fifty bucks. That's
speculation."Bless the speculator!"Just who are the
speculators? OPEC members and other oil producers... speculating on the future
price of their own damn oil. That's who. We've been duped.
It seems there are die hard republicans and die hard democrats. when will
everyone learn that both parties are the same once they are in power.
Politicians seem to all be the same breed despite what party they belong too. I
don't believe any of their rhetoric. Actions speak louder then words and this
especially applies to politicians.
wrz,The alleged purpose of the Antitrust laws was to protect
competition; that purpose was based on the socialistic fallacy that a free,
unregulated market will inevitably lead to the establishment of coercive
monopolies. But, in fact, no coercive monopoly has ever been or ever can be
established by means of free trade on a free market. Every coercive monopoly was
created by government intervention into the economy: by special privileges, such
as franchises or subsidies, which closed the entry of competitors into a given
field, by legislative action...The Antitrust laws were the classic example of a
moral inversion prevalent in the history: an example of the victims, the
businessmen, taking the blame for the evils caused by government, and the
government using its own guilt as a justification for acquiring wider powers, on
the pretext of "correcting" the evils.
@ 3:27Evidence that speculators actually raise prices is scarce, but
let's take the argument that they do and apply to the need to curb the reckless
exhaustion of all available resources, as you demand we must. The best way would
be to let speculators run up current prices, thus lowering current demand and
leaving more oil currently unused so it can be used in the future. Bless the
Republicans have made hay for decades by portraying Democrats as spendthrift,
reckless liberals. Their side is supposedly "conservative" -- sober-minded,
prudent, levelheaded -- while their opponents are "radical" -- dangerous, risky,
foolish. But what is the truly "conservative" position on offshore
drilling, or energy policy in general? Recklessly exhausting all available
resources now, and letting the future take care of itself -- or conserving those
resources, investing carefully for the future, and thinking about the long term?
Where does prudence reside -- in attempting to shave a few pennies off of gas
prices now, or on planning on how to cope with high gas prices for the
President Bush talks tough about curbing America's oil addiction, but his
renewed push for offshore drilling tells a different story.Who does
this guy think he's trying to kid?Oh, almost forgot - he's trying
once again to fool the stupid conservatives who support everything he does.
"stevo | 7:45 a.m. July 22, 2008 Bush destroyed the dollar......any
questions?"Yes. Did you actually graduate high school yet?Congress spends, Congress appropriates, Congress makes the laws, Congress
destroyed the dollar. I can't speak for anyone else, but you and
your hate filled ilk make me sick, and embarrassed to even be an American.Your lack of understanding of the Government and how things work, should
make you want to slink back under the rocks and pray no one notices you.Its time for all of you haters to grow up, and quit being such
whiners.Bush did not destroy the dollar. He doesn't have ANY money
to spend at all. Perhaps its the 9% approval rated Congress that needs the slap
in the face, and to incur your hate filled wrath?Perhaps its Nancy
P. publicly declaring Bush a total failure, and blaming him for everything from
cavities, to brown grass in the desert. She is a disgrace, and the absolute
worst Speaker of the House America has ever had to deal with. Just
in case you missed it, you all sound like third graders, and make a lot of us
sick with your childish complaints.
High oil prices are not President Bush's fault, and it is going to be Congress's
fault very soon if they don't lift the drilling bans; it may not be a solution
for tomorrow, but it is a solution that will work, it just doesn't work with the
If money income stays the same, but the price level increases, the purchasing
power of that income falls. Inflation does not always imply falling purchasing
power of one's real income, since one's money income may rise faster than
@ 2:40:The Senate clearly has no incentive to make the Bush
administration look bad so that is a fully trustworthy document with no need to
look at any outside sources for verification.
High oil prices are definitely George W. Bush's fault. He could solve the
problem in twenty minutes. Just nuke China and India, whose increasing demand
for oil is responsible for virtually all the increased global demand over the
past decade.When supplies rise more slowly than demand, prices rise.
When *future* demand is expected to grow much more quickly than future supply,
futures traders jump into the market and bid up the *present* price.
The 4-part posting on this blog of how the Bush Administration manipulated the
cost of gasoline is all documented in the Senate Report.But our
hardcore conservative friends refuse to admit what happened because of their
loyalty to the GOP.This is truly a sad state of affairs and the
political division is a severe waste of time and energy.
@ Chris Plummer:Of course George W. Bush can affect everything. He's
a god. He even caused polar bears to become endangered even though their
population has increased from 5,000 to 25,000 over the last twenty years.
AMAZING!Who wouldn't vote for a god?
The way some of you are talking makes it sound like the President of the United
States of America is a useless figurehead. The presidency as amassed a
lot of power in the last 20 years. Yes the president can affect everything.
But not one thing is only affected by the president. There are a lot of other
factors. But lets not dismiss the glaring ones. Like George W. Bush
MEB. I can keep money off the books as profit by buying other businesses,
investing, paying out dividends and other creative tax avoidance tactics. The
goal isn't profits that can be taxed. It's adding share value. I
know people in business who barely show a profit on paper that are doing very
well. You make your car, boat, plane or vacation home a company asset. You're
vacation is business travel. There is a reason tax lawyer make a lot
of cash.Bush isn't responsible for our economy but Reagan was? It's
not the job of a president to show leadership that keeps his party in power? Who
appoints the Secretary of treasury? Bush can't call the Fed Chief? He can't go
before the American public as their trusted leader and put pressure on
congress?If you have low expectation of a president, Bush is your
man. Vote McCain and stay this course.
re: MEB | 10:44 a.m. July 22, 2008 "Then, explain why gas prices in
Europe have gone up 40% since January when the Euro is so strong."Perhaps, its because the currency used to trade Oil is the good old
greenback.Speculators betting on the potential demand in China &
India along w/ a weak dollar are whats contributing to the price @ the pump. Maybe, the price has come down because we're driving less because Billo
the clown i.e. O'Reilly has commanded us to do so.
I know of no other president who can cause ocean levels to rise. Dubya must be
God. Maybe not the god, but at least a god. That gets my vote every time.
Many comments have talked about windfall profits for oil companies. Go read
their annual reports (it's very easy to do research like this on line - no need
to guess or rely on the information from freak sites). Gross Profit Dollars
from all of the majors have ranged between 8-10% for 20 years or more. They are
making more overall profit because their sales are up. Sales are up because
demand is up. The solution is simple supply and demand economics.
Increase supplies to exceed demand and the price will come down. In
other words - Drill, Drill, Drill. Any other option means we will be paying >$4
per gallon for gas until the end of time. And while we are talking
about alternative energy, which one will power jet engines for commercial
airline flights? Or is commercial air travel a thing of the past?Drill, Drill, Drill.
George W. Bush is not only the worst president in history, but also the most
ingenious and powerful. Consider the wonders of diplomacy, conspiracy, nature,
and deception he has achieved:1) He attacked his own country on 9/11
without leaving a single credible clue that he was the mastermind2)
He caused a massive hurricane to wipe out New Orleans (somehow he was unable to
stop one from hitting his beloved Houston)3) He manipulated the
independent intelligence gathering agencies of Germany and the United Kingdom to
support his conclusion there were WMD's in Iraq4) He (and make no
mistake, it was HIS genious otherwise oil companies would have gotten the prices
this high much sooner) brought oil prices to record levels, again without
leaving any credible evidence that he was responsibleThese and so
many other miraculous achievements lead me to conclude that George W. Bush can
be none other than...drum roll...SATAN!!!!
Ya know,there are some people out there who are so entirely duped by the
current administration, that if Cheney and Bush were able to run again - the
fools would vote for them again.
Quietly... | 12:06 p.m.: "His answer was, however, surprising. Simply said, OPEC
would not increase production, because there was not sufficient demand to
justify the cost. A business decision. A telling one. "A red
herring. "It would seem to be in OPEC's interest to cash in on the
"skyrocketing" demand, but there isn't enough to support the cost of increased
production."It reportedly costs the Saudis $2 a barrel to pump.
Gas prices 5 fold increase since Shrub was appointed President. If we had
elected Col Sanders and chicken had a 5 fold increase might'en we not be just a
To: John Galt | 11:47 a.m.I agree that more taxes for big oil is not
the solution. They merely jack the prices to cover any increase.But
applying antitrust laws is a different matter. Antitrust laws are essential
where competition is weak of nonexistent such as the oil industry. And
especially in an industry that provides a product so essential to the health and
well-being of the American economy.
In a Wall Street Journal piece approximately two months ago, an interview with
an OPEC representative was outlined wherein he was asked why OPEC refused to
increase production in a time of increased demand. The obvious answer, according
to all who seem to post here, should have been that OPEC wished to drive prices
to the limit. His answer was, however, surprising. Simply said, OPEC would not
increase production, because there was not sufficient demand to justify the
cost. A business decision. A telling one. It would seem to be in OPEC's interest
to cash in on the "skyrocketing" demand, but there isn't enough to support the
cost of increased production. They did increase some at the request of the POTUS
in an effort to dampen an increasing speculation in the futures market. Fact is,
the oil companies are receiving windfall profits, but it is at the hand of
market speculators. We want to blame the "big bad oil barons", but they benefit
because of our own greed and rush to panic, not because of normal supply and
demand economics. The only way more drilling would reduce cost is to nationalize
oil fields. Dangerous precedent.
the method the Bush administration chose was to fill the SPR without regard to
crude oil prices at all but simply at a constant rate of speed. The result was
extremely high prices for gasoline and increased charges to be born by the
taxpayers. The Bush administration denies this. But the method they chose did
not add any additional reserve oil to the nations strategic supply. So why do
it? Oil companies were happy, after all oilmen contributed $26.7 million to
Bushs campaign in 2000 and another $18 million for the 2002 election. Another possible reason is this: The only way to get oil
companies willing to make investments in drilling new sources of oil is to keep
oil prices high. The nice thing about this methodology is that criticism can be
so easily deflected as a White House spokesman did in a recent interview, by
claiming the purchases were for national security reasons.
The report advised the new president, At a minimum the government should aim to
fill all of the nearly 700 million barrels of [reserve] capacity it
currently has available. Later, the National Energy Policy report recommended
that the President wait until exchanged SPR barrels were returned and then he
should determine whether offshore Gulf of Mexico royalty oil deposits to the SPR
should be resumed. So after September 11, 2001, George W. Bush vowed to fill the
Strategic Petroleum Reserves (SPR) to capacity. The
Baker report was not irresponsible, it also warned the president, One problem
with trying to refill the reserve at this time when markets are strong is that
any purchases made by the U.S. government would add to the current tight supply.
In other words, prices would go up!
Public policy can encourage this bursting bubble scenario. The Democrats want to
tax the oil companies or use the antitrust laws against them. Big mistake. More
taxes get you LESS oil and "concentration" in the oil industry is not really the
problem. The on-going Congressional hearings "investigating" oil prices and
profits is a charade and is purely political theater. The very same federal and
state governments that complain about high oil prices continue to tax gasoline
at a rate (40 cents per gallon) far higher than the profit rate for the oil
companies. So much for government concern about consumers.
To: GB @ 10:36 a.m.What you seem to be saying is that the oil
companies have their own well-being in mind... not the American economy or the
American consumer. They don't seem overly concerned about how high the gas
prices go because the higher the price the more they rake in. They know that
the relationship between price and demand is essentially inelastic.Solutions?:Do what most other countries around the world have
done. Nationalize the oil industry. Is Saudi oil a private enterprise? How
about Iran oil? Or Venezuela? Congresswoman Maxine Waters, who recently
threatened oil executives with nationalization may be onto something.Oil production is a monopoly. Most monopolies are controlled by anti-trust
laws. Why not oil?
Why did Bush do it? For one thing, he was advised to do it. It has to do with
the secret National Energy Policy advisory group headed by Vice President Dick
Cheney. Cheney has steadfastly refused to release the names of those who advised
the administration on energy matters. However, according to an article published
in the Sunday Herald in Scotland (October 6, 2002), by Neil Mackay, it was
former Secretary of State, James Baker who personally carried an advisory report
to Cheney in April of 2001. Assembled at the James A. Baker Institute for Public
Policy of Rice University, the task force consisted of oil and energy
executives. The report, Strategic Energy Policy Challenges for the 21st Century
is referred to simply as the Baker Report or report
Really, think about it. | 12:37 a.m.:"It's so darn simple. When your
dollars are worth half as much, gas will cost you twice as much as it did. Who
was leader as our dollar crashed?"Then explain why gas prices around
the world, not just in the US, are at an all-time high. (Hint: a dollar
devaluation means foreign currency valuation increases.)"It was the
debt and the sub-prime crisis that caused the dollar to tank during the Bush
rein."The debt is the prime responsibility of Congress... as is
legislation controlling real estate mortgage rules and regulations. You'd do
well to direct your vitriol at the proper institution.To: Cats @
10:13 a.m. - Absolutely the best post of the day. You hit the nail on the head.
It will only take ten years to get oil out of the ground because of the greens
and their lawyers. If you want inexpensive oil quickly, open ALL AVAILABLE
PUBLIC LANDS, stop the activist EPA and the green lawyers. We would have gushers
in a matter of months.Nuclear power would be a mere fraction of the
current cost by getting the hysterically paranoid greens out of the courtroom
and into the insane asylums.
The Senate report said in a one-month period in mid 2002 the Bush administration
purchases caused crude oil prices to soar, raising the cost of heating oil by
13%, jet fuel by 10% and diesel fuel by 8%. The bottom line was the Bush policy
change cost citizens between $500 million and $1 billion. When crude
oil jumps from $20 a barrel to $30, the Senate report says, the costs to U.S.
taxpayers are an additional $1 million per day. Over three months, the
additional cost of filling the SPR approached $100 million, which will
ultimately be borne by U.S. taxpayers.
On March 5, 2003, Senator Carl Levin, the Ranking Minority Member of the Senates
Permanent Subcommittee on Investigations, released a report prepared by the
minority staff that reveals why gasoline prices soared under the Bush
administration. It has to do with the nations Strategic Petroleum Reserves (SPR)
and some odd decisions by the Department of Energy (DOE) after consulting with
White House officials.According to the Senate Report, the Bush
administration added forty million barrels of oil to the nations reserves in
2002. That wouldnt be a problem in and of it self. But the purchases represented
an extreme change in energy policy; they were made in a strong market, with a
tight supply of oil, which increased demand, which in turn pushed up the
gasoline prices to their highest levels in twelve years.
And You liberals don't spout off whatever your leaders tell you? Give me a
break! Don't go off attacking other people for using points given by Rush or
Sean because you don't like them, and then do the same thing! The point is a
good one, and it deserves to be made!
When will you people quit calling for windfall profit taxes on the oil
companies? The windfall profits are being made the the corn producers who have
turned off the food flow to turn on the ethanol faucet. Tax them!!!
George Bush, Junior sold 60% of his stock in Harken Oil in June, 1990 for
$848,560. That was brilliant timing; in August, Iraq invaded Kuwait and Harken's
stock dropped 25%. Soon after, a big quarterly loss caused it to drop further.
A secret State Deparment memo in May of that year had warned that Saddam
was out of control, and listed options for responding to him, including an oil
ban that might affect US oil prices. We can't be sure that the
President or an aide mentioned these developments to his son, or that Harken's
representative who was admitted to meetings with the President picked up
something and reported back to Junior. But it is the simplest and most logical
explanation. The Bushes acknowledge that George Senior and his sons consult on
political strategy and other matters constantly.
Cats being a Faux News parrot isn't doing your homework. Countries paying for
gas in euros haven't been affected as much as we have been affected, because of
the dollar. Add in a bit of speculation to the mix. and you have
high prices.If you thought independently, you would realize the most
we can add to the supple, until these wells run dry, is maybe four percent. Four
percent Would drop oil by maybe $6 a barrel. American oil will sell
for the global price. Why do conservatives believe business is altruistic in
nature? BP is going to invest money to drop their profit margin.Is
using every remaining oil source in America good for the future security of
@ Oh Please - Claiming that 'ALL economists agree that the gas-price spike is
due mostly to the 40% tumble in the value of the dollar' is either a lie, or so
mis-informed it's ridiculous. Please show me where this claim has some
validity.Then, explain why gas prices in Europe have gone up 40%
since January when the Euro is so strong.
The world economy, the U.S. economy, and the dollar fluctuate, and prices
generally increase over time. They always have, and they always will. The
President and Congress, whether Democrat or Republican, have very little impact
on it all.Oil companies can charge whatever they want for their
product. They are for-profit businesses. They will, and should, charge as much
as they can to maximize their profits. They will also direct their R&D toward
what they think will make them the most money in the future. There's no need to
be angry at them. Rather than getting angry, just stop buying the product, or
buy less of it. Oil companies can do what they want to do, and you can do what
you want to do. Take control of your lives.
One more time for Stevo and all those who have never had a class in economics:
THE PRESIDENT HAS ALMOST NOTHING TO DO WITH THE ECONOMY OR THE WORLDWIDE PRICE
OF OIL!!! International demand has much more to do with the current
price of oil The Federal Reserve is much more involved in the strength or
weakness of the dollar than the President. Congress is much more responsible
for the sitation with energy policy and tax policy than the President. In fact,
the President tried to get an energy bill through Congress several years ago.
It was pronounced DEAD ON ARRIVAL as soon as it hit the Hill.Once
again the Professional Bush Haters come out of the woodwork. Most of their
comments are based on a lack of understanding of the economy, the international
economy, the geopolitical situation, the federal reserve, the Congress and,
quite frankly, just about EVERYTHING ELSE.
I love letters like this one: all those Hannity/Rush talking points laid out so
neatly. The problem has nothing to do with oil companies needing more places to
drill. They've got lots of oil reserves they've chosen not to drill, because
its more profitable for them to sell oil they buy internationally--most of it
from Mexico and Canada. These other respondents have it right--a devalued
dollar is more to blame than Congress. As for energy independence--no one on
earth is energy independent. Not Brazil, not Venequela, not even Saudi Arabia.
Kuwait imports energy. Energy independence makes for a nice slogan, but that's
about all it is. Energy diversity, though, that's a good thing.
I don't need any more reasons to think Bush has been a disaster. I'll give him
a pass on this one.
You blame the price of oil on a Democratic Congress, but fail to give them
credit for the safety of this nation.Since the Democrats took
control of Congress, there has not been a single terrorist attack on this
nation.Isn't your safety worth a few more pennies at the gas pump?
Blame! That game is about as productive as "I told you so!" and it only feels
good for a minute. Bush, Oil Companies, Middle Eastern oil cartels, Republicans
and Democrats, American Consumers all are a piece of the puzzle of how we got
here. Now why not focus on what we do from here on (and complaining is not a
I get the biggest kick out of the Bush supporters.If something goes right
... (sorry, I can think of anything that has gone right at this moment) the
Bush-worshippers say it is because of Bush. If things go wrong (seems to be a
multitude of that category nowadays) the Bush-worshippers (and Bush himself)
say, "it's all Congress's fault!"Ah, politics!Ain't it grand?
ALL economists agree that the gas-price spike is due mostly to the 40% tumble in
the value of the dollar, which is due DIRECTLY to Bush's outrageous deficit. A
gallon of gas is actually worth about $2.50 in Clinton dollars. Oh, for the good
old Clinton days!
One commenter hit it on the spot... Gas is expensive everywhere in the world...
not just in the United States. The declining dollar actually has little to do
with it. It's supply and demand, the speculators, and a variety of factors.
Quite frankly, I think Big Oil is seeing a bubble that will burst just like the
dotcome bubble... and we'll be back down to $2.50 gas sometime in the next year
or two. Nevertheless, the Democrats need to come up with a better solution than
just "alternative energy". This issue has the potential to derail the Democrats
if they persist on no drilling at whatever cost.
Sorry, Ernest, you lost your credibility yesterday when you couldn't divide 3
Trillion by 300 Million and come up with a number even close to correct.And Rey, are you aware that Brazil gained energy independence in a
matter of a few short years by pursuing offshore oil resources? 20% of their
oil comes from sugar cane conversion, and 80% from off shore oil. So, if this
is a world wide commodity, and drilling one's own resources won't have any
impact on prices, etc., then how did Brazil do it? Fact is,
drilling our own resources, and passing legislation (CONGRESS!!) that requires
using our own resources for internal consumption, with no exporting allowed,
would go a long way toward solving our short term energy needs. This should not
be done without a long term plan to reduce our dependence on oil. Or we could continue to sit back and allow China to drill our offshore oil
reserves. Strangely, enviros seem to have little imfluence on the Chinese
Government to curtail their appetite for more oil. If we don't drill it, they
I`mean`t Irag not Iran.
When did gas prices start going up? When bush started the war with Iran. Of
course it is mostly his fault. It doesn`t take a rocket scientist to figure that
out. I`m soon going to be out of a job because of the price of corn the
production of ethanal. I`ll be voting for Obama
People...Please! We keep crying over how bad we have it. I just got back from
Europe, and trust me, they have it even worse than we do. After converting euros
to dollars, and liters to gallons...they are paying between $8.25 & $9.00 per
gallon for their gasoline!! Also you don't see ANY suv's or trucks over there!
Everything is small and economical! We can blame Bush all you want, but the real
problem is OURSELVES! Remember WE vote these knuckleheads into office. If you
don't like what is going on, then educate yourself and put the right people in
office. Unfortunately, we have two more knuckleheads running for President
again! We need to quit being devided between Democrats & Republicans and get on
with a better and stronger way of life. I don't like Bush anymore than anyone
else, but name me a President that ever had to deal with the type of world that
we are dealing with today? The oil prices are a direct result of China and India
becoming more modern nations and pushing for their fair share of the world's oil
reserves. We need to find alternative solutions for our oil dependence!!!!!
What a sad state of affairs. DRILL DRILL DRILL. That's all I keep hearing.
What a WASTE, Drilling isn't going to solve our energy problems.Good
You are so correct, corporate and individual greed has never been a trait of
republicans.Also, all that demand in China & India is just a myth.Don't forget that the US never did reach their peak oil in the 70s and that
there is plenty of it.
Obama is predicting $12 gas if he is elected, That is one thing I believe him
I find it kind of funny that people are blaming Bush for thier woes like the
writer who's handle is Bush's hand. Saying that it is all Bush's fault that we
the Americans are driving gas guzzlers. Like Bush forced you to buy the SUV or
other gas hogs. Heck, the high MPG cars were around all this time for you to
buy. So why didn't you buy one of them to drive around in? Oh, I know it is
easier to blame someone else for our problems then look at the real person to
blame. Which is themselves!!
Oil is pegged to the dollar, Bush destroyed the dollar......any questions?
For the ? time. World oil prices are set by the world oil monopoly made up
mainly by United states Oil interest. There is no free market in oil and
speculators do what they do because of their expectations of what the oil
monopoly will do.The Iraqi war was started to allow the oil
corporations to gain control over a rogue nation who was upsetting the oil
cartel. That mission was accomplished early in the war. Thousands of people
both American and Iraqi have died to accomplish what the oil companies and their
puppet Bush wanted.Unless we can regain controll over the oil
interests, gas prices will continue to rise and America will sink into a third
Brad, gas prices are going up for a variety of reasons, but primarily because of
increased demand and a decreasing, finite resource. Political instability in
the Mideast contributes, speculation also...To blame "not drilling" is baloney
and the only ones who believe it drank the kool aid long ago. Come out here to
Vernal and see whether or not we are drilling. The Bush Admin rammed through a
blitzkrieg on all oil and gas within their reach, which is one reason I don't
blame him alone for gasoline price increases. ANWR and OCS drilling will no
doubt be debated, and no doubt will be allowed by the American people in some
cases. These facts won't stop people like you pinning the blame on those
evil environmentalists, though. For such people, the gasoline crunch is just
another stick to hit enviros with.
@ How about this idea?How about this idea: we start using our own
resources to not rely so darn much on Iran and others for our energy appetite.
All of the comments above have validity (well almost all of them.). I'm the
last person to defend President Bush but let's give credit where credit is due.
When I was a youngster in the 70's we experience the famous oil embargo that
sent gas prices skyrocketing from 35 cents to over 85 cents. We all talked
about alternative energies and our need to wean ourselves from foreign oil.
Well, that was 35 years ago and what has changed. NONE of the presidents since
that time has shown the leadership necessary to make gasoline powered
automobiles a thing of the past. All of the presidents and all of us get the
blame. How much would all of our lives changed if we didn't need foreign oil?
I just came from Mexico where the price of gasoline is just about the same as
here in the U.S. So, if the dollar were the only factor in the price of oil,
why is the price in Mexico the same as here?I am sure that the
"evil" Darth VAder I mean Pres. Bush loves the the high price of gas. The day
Baraack Obama becomes Pres. gas prices are going to fall back to $1-$2 doallars.
What is wrong with this sentence?The fact is that the price of gas
is multifactorial. That is a big word but it means that there are many reasons
for the higher prices we pay at the pump.I am disappointed that
neither congress nor the executive branch have shown any restraint on spending.
Yes, congress controls the purse strings but I have not noticed many vetoes.
Maybe Mr. Obama will reign in government spending.Notice that most
problems have more than one cause. So please when when posting, put down your
axe and partisan commentary and ad some reasonable thought to the
conversation.I know that won't happen but I had to try.
There are a number of factors driving oil prices, many of them the work of the
Bush Administration. First, by not demanding fuel efficiency standards for
Detroit, the result was people buying vehicles that last many years and "locked"
drivers into gas guzzlers. Second, after 9/11, Bush extended incentives for
small businesses to buy 6000 lbs.-plus SUVs, regardless of need, with the
allowance of writing off the SUV within a year. This sparked demand for gas
guzzling SUVs and steered Detroit to create manufacturing infrastructure for
such vehicles. The outcome was America became more dependent on oil from
countries waging terrorism against us. Third, Bush ran up trade and budget
deficits, driving the dollar's value down, making oil increasingly expensive.
To blame Democrats for refusing to allow oil companies from drilling is silly.
Bush has expanded consumption to make oil more expensive rather than follow
Democrats desires for developing an infrastructure of greater fuel efficiency.
Yes, Bush's shortsighted policies -- that benefit his oil investments -- is
partly to blame. I think America has learned a lesson regarding putting into
office someone so tied to one industry can result in disaster!
continues.And now Nancy Pelosi won't even allow a vote in the House on whether
to lift the moratorium on offshore drilling. Who is she representing? California
citizens or Saudi Arabia? Talk about political suicide...
Apparently, a few people around here could use a class in economics. Anybody who knows anything about economics knows that the President actually
has very little to do with the economy. World oil prices are a product of many
factors--world demand, fluctuation of currencies, etc. The President actually
doesn't have much ability to do anything about it. He just doesn't have that
kind of power. Unfortunately, bad public policy has had a lot to do
with it also. Congress needs to get out the way and stop trying to pick winners
and losers in energy or in the economy in general. We need more drilling, coal
gasification, solar, wind, tar sands, shale oil, nuclear and any other energy
sources that are available to us.We have the ability to solve this
problem if we can get Congress to stop this suicidal energy policy we have had
for a lot of years. OUR NATIONAL SECURITY DEPENDS ON IT.
JTM,Actually it is Not the Oil company that sets the price of oil, but the
speculators.I am not sure how it all works, but that is why the oil
companies are asking the people to talk to their representatives about
controlling the speculators and thus reducing the price of oil.
Brad,I am sure you would admit that each time Bush/Cheney threatened
Iran with military action the price of a barrel of oil increased.It
is a cause and effect relationship.The oil speculators would give
the excuse of instability in the political situation in the middle east.Specifically when the Israeli Defense Minister said that an attack on
Iran by them was unavoidable the price of a barrel of oil went up ten dollars a
barrel in one 24 hour period.I find it funny that after almost eight
years of rule they now try to blame others for the high costs of gasoline.I guess here in Utah we should not complain because we returned the two
oil men Bush/Cheney back into power with the highest approval rating in the
Progressive Democrats are not in control of Congress. There is a residuum of
rightwing Democrats, mostly from the South, who are really Republicans in
ideology. They also could not over-ride a veto by themselves. But, more than
that, what could they do? Take over Saudi Arabia, Kuwait, UAE, Qatar, and Iran?
We tried it in Iraq and it has cost over a trillion dollars and the impact on
oil prices has been zero. The previous commenters are far more in
tune with reality than the letter writer. The dollar has fallen in value for
the reasons stated (and more besides) and oil companies are making fantastic
profits, much of it windfall profit. And increasing drilling in the
US will have no effect until 2020 or so and then its effect will be negligible.
Demand will have gone up by then and the price per barrel will be even higher.
They're not going to give us that new oil production, you now. We will pay
world market prices for it and have to compete with Europe, China, India, the
rest of developing Asia, South America, and the Martians to get it. Nothing
Really, here in Utah you get people writing to the papers to lay off president
Why should a oil producer have to accept dollars worth half as much? They need
twice as many relative to what a Clinton dollar was once worth. Business is
business: nor charity.
Good grief. I suppose Bush's attempt to curtail Social Security,
trim Medicare benefits, and getting "C"s in college is also the fault of a
Get real, its the fault of the greedy oil companies. That's it. Trying to blame
everyone under the moon reminds me of the parents who blames xbox for all their
children's problems. The people who set the prices and who profit the most are
to blame for the high prices. It's not rocket science.
It's so darn simple. When you dollars are worth half as much, gas will cost you
twice as much as it did. Who was leader as our dollar crashed?It was
the debt and the subprime crisis that caused the dollar to tank during the Bush
rein. If, Clinton had ran up debt and there was a credit crisis on
his watch, conservatives would be correctly point their finger at his economics.