President Bush is one of the persons LEAST responsible for the increase in oil prices. Blaming him because "he wanted to show the world he was better than his father" is unsupportable.
The problem again, as you have admitted by blaming the Chinese, is supply and demand.
The Demand is currently outpacing supply. The answer to that problem requires two components to be addressed. First, reduce demand - and at least here in the US that is progressing quite well. Second increase supply - and at least until now we have been failing miserably at that. This is not President Bush's fault. He has been one of the few out there telling the truth on the issue and pushed for more drilling way back at the beginning of his first term. He has been stymied by the Democrats and the environmental lobby. He is not a king. He needed Democratic cooperation and they were more intent on smearing him and in dragging our country through the mud than in actually working for the betterment of our country.
If you can’t see that by his direct orders that tensions (and therefore reactions in the markets accordingly) in the exact region where the majority of the resource comes from, have increased a hundred-fold during his administration - then I can’t help you. Understand that the White House, for the last 7.5 years, has made it decisions not based not necessarily on what is right, but rather what is right for business.
The monarchy ends January 20, 2009.:cool:
I disagree. The price of oil is a function of Supply and demand. Any affect that speculation has on the price is due to there being absolutely zero excess supply. In fact right now, there is a shortage of supply of about 1 million barrels per day. In 2000, there was a "cushion" of 1 million barrels per day. The cost structure of obtaining oil has not changed significantly since 2000 - in fact if anything technology has reduced this cost. The only difference between today and 8 years ago is the supply/demand equation. An increase in production of @2 million barrels per day would place us right where we were at the beginning of the Bush presidency price-wise. Half of that could have been met by ANWR ALONE. Bringing the oil shale on line (1-2 Trillion barrels available), drilling in the Dakotas (200 billion barrels available) and taking advantage of the offshore deposits we have would accomplish MORE than that - and would begin to come online in 2 years and reach full production in 8-10 years.
We have already seen what the mere hint that we MAY do this can do to the price - actually realizing this production will make the $15.00 drop in price look small in comparison.
No one would ever suggest that government intervention into the market place has created another mouth to suckle on the tit of the Federal treasury. IMO some monopolisitic giants are no different than the welfare ghetto trash we rail on about.
Has anyone seen this statistic about how much fuel it takes to fight the war?
I knew that M1s were pretty bad...but 2 miles to the gallon?
And some of my unit's Hummer's suck down the diesel....but this is ridiculous.