Eight Ways the Bush Administration Has Caused the Oil Price Boom

Not one of our usual sources, but here's an interesting article from Adam Kritzer at CurrencyExchange.net.

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.

From fiscal policy to energy policy to foreign policy, the Bush Administration has committed one gaffe after another, and the futures markets have been quick to react, with devastating economic consequences. At the same time, there were isolated instances in which the Administration appeared to be working to relieve prices, and these efforts should be acknowledged as well. In doing so, the net effect of his presidency can be distilled from the sundry other factors that weigh on oil.