President Bush and Oil

See the previous entry.

President Bush has said that suspending purchases of oil from the strategic oil reserve will have no effect on the price of gasoline (and presumably oil).  As I stated, that is total tunnel vision.  The United States is NOT the only country in the world.  What if ALL of the countries in the world are stockpiliing/hoarding oil (as maybe most important ones like China and India are).  Might this be a MAJOR reason for the continually rising price of oil?  There is no doubt about it. 

That meanst that if the United States were to not only suspend its own purchases for the strategic oil reserve, but strongly suggest that other countries REFUSE to hoard oil at these outrageous prices, then there is a good chance that WOULD change the psychology of the oil "market" (since the evidence is that there is no shrotage of oil).  HOARDING around the world creates an ARTIFICIAL demand.

What has President Bush done instead? He engaged in a publicized STUNT of publicly asking Saudi Arabia to increase oil production, while UNDERMINING the idea of reducing HOARDING in the world.  We should, of course, have been putting pressure on Saudi Arabia all along, and a publicity stunt just does not cut it.  Saudi Arabia merely gave President Bush a dose of his own medicine by suggesting that its actions could not "solve" the fuel cost crisis.

No wonder my brother (the co-owner of a trucking company) can't stand President Bush.  He has watched, for almost three years now,  as President Bush has adopted a policy that HOARDING oil in a time of outrageous prices is a sane "strategy".  My brother has alos watched as President Bush has shown no concern about the price of oil.  Even on Anwar and other oil drilling restrictions, President Bush has shown no URGENCY in getting more drilling done.  There has not been the kind of drumbeat the Democrats have kept up on Iraq, for example.  President Bush, along with John McCain, has ALWAYS been muted in his criticism of Democrats.  McCain, of course, can't even make an issue of this at all, because he FAVORS restrictions on drilling (no driling in Anwar and elsewhere).  It is no wonder my brother says he is going to vote for Obama (even though Obama is no better).

President Bush should have been PUSHING on oil for a long time.  He should have been making a constant ISSUE about drilling (NOT just vague speeches about "energy independence" without specific, strong criticism of Democrats).  He should have long ago supported suspending strategic oil reserve purchases at astronomical prices.  He should have PUBLICLY made clear that HOARDING of oil is WRONG (and a mistake).  He should have suggested that NO ONE (and no country) should purchase oil at $100.00 a barrel or above, except by necessity.  Bush should have told the U.S. government NOT to contract for the purchase of oil FOR ANY PURPOSE at $100.00 a barrel or above, and set a corresponding limit for gasoline (surely the U.S. government IS  "bargaining" on the purchase price of fuel; I hope so, but President Bush should be making a PUBLIC display of discouraging hoarding and speculation in the price of oil and fuel).  It might even be possible to suggest an alliance of OIL CONSUMING nations, to act in concert to counter OPEC.

Instead, President Bush has done NOTHING.  Now you may believe that my suggestions will not materillay affect the price of fuel.  In the end, the "market" will start working (at SOME price of oil).  But President Bush could have TRIED.  Instead, he has been opposing something so simmple as setting an example as to insane purchases of oil, AT ANY PRICE, for the strategic oil reserve. 

As I said in the previous entry, this is tunnel vision so breathtaking as to be worth a medical paper.  It is almost pathological.