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THE BUSH PUSH ON OIL PRICE INCREASES 1

by ren on July 7th, 2008

Adam Kritzer at CurrencyTrading.net has written an article on “8 Ways the Bush Administration Has Caused the Oil Price Boom.”

He traces the increase in oil price during the Bush administration: “When George W. Bush was sworn in as President in January 2001, the price of oil was approximately $28 per barrel. By coincidence, 2001 also saw the US import more oil than it produced domestically for the first time in its history. In hindsight, perhaps this was an omen. During the tenure of his administration, oil prices have skyrocketed to $130 per barrel, and some analysts have predicted that the price could ultimately settle at $250 or $500, depending on the time frame. Conspiracy theorists and cynics would correctly point out that the Bush family and administration insiders have profited from this rise. Even Bush supporters would have to concede that the administration has contributed to, if not actively encouraged, the record run-up.”

Is it coincidence or has the Bush administration really contributed to the oil price boom?

image from Microsoft Clipart

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