How are oil prices Bush's fault?

Because Bush deliberately makes sure the oil prices are as high as possible to piss people off cause hes EVIL.How are oil prices Bush's fault?
The reason prices are high have nothing to do with shortages or an increase in the cost of production. Oil prices are high ONLY because Bush's war has destabilized the Middle East, threatening the future supply of oil. So oil futures are being bid up by speculators.





The main reason Bush hasn't bombed Iran (I think) is that Iran has good defensive capabilities. They could block off the Straits of Hormuz, which would cut off the entire supply of Middle East oil, which would be a worldwide disaster. The price of oil futures rises and falls day by day as the likelihood of this rises and falls. If Bush makes a speech threatening Iran, the price goes up. Last week Bush sent an envoy to negotiate with Iran (after swearing for years that we don't negotiate with 'terrorists'), and the price of oil dropped considerably.





Do you think it's a coincidence that our president, vice president, secretary of state, and about 30 other top officials in the administration are from the oil industry? The oil industry are really making out like bandits from the war.How are oil prices Bush's fault?
His spending, and his lack of the political will to veto Congress' spending, weakened the dollar. That caused the prices of commodities, such as oil, to rise. They'd have risen anyway on Chinese demand, but they rose twice as fast, possibly three times as fast, because of the weak dollar.





When the Fed kept rates low to finance Bush's spending, that reduced the cost of funds for commodities speculators. The speculators don't ';control'; the market - they react to the price differential between the commodities and the cost of funds. On credit, they bid up commodities such as oil. This built on itself as the values went up, and the cost of funds was artificially kept low, thus the differential only increased. And that spiraled into $140/bbl oil.





The Fed stopped cutting, has warned that it will hike soon, and the dollar has strengthened and oil is coming back down.





It will be choppy until the Fed actually does hike but when it does, oil will plummet.





While there are issues with oil and gasoline in particular - rising global demand, and both natural and artificial constraints on supply - it is a mistake not to see the larger picture, that this is a bubble - just like housing.





Investors are misled by the price of credit.





They're not stupid - they do find initially-undervalued assets to bid up.





But they are still misled by the price of credit. It's almost ALWAYS a credit-driven asset the price of which is driven up, and the more credit-driven, the bigger the bubble.





The problem is also not to be solved by cutting the credit - it's there for a reason. There are a lot of people on the other side of the transaction whose margins are razor thin and who need to hedge their exposure.





The problem isn't the rules of any particular game - it's that the playing field gets tilted by the Fed.
The price of oil is directly connected to the power of the dollar.





The dollar has fallen dramatically when compared other nations currency. Do you remember when the canadian dollar traded 1.5 to the US dollar. Now the canadian dollar is more valuable then the US dollar.





This is inflation. This is your devalued dollar.





When our country needs money to send (by the pallet) to Iraq, it prints it and ships it out. It is no longer backed by gold: dollar for dollar. Every time we allow law makers to print out more money for efforts on behalf of our country, those efforts cost money and thin the value of our money.





Say no to spending people. We are in recession
He didn't do squat to promote alternatives (in fact he actively worked to squash em).
Bush didn't know anything about our country's history.