Bush sure has a talent for driving up the retail price of oil (and, thus, oil company profits). This week, with gasoline hitting all-time high prices, Bush directed the U.S. DoE’s Strategic Petroleum Reserve to *buy* gasoline — a move that enriches oil companies both directly (i.e., by making long-range purchases when prices are peaking) and indirectly (i.e., by increasing demand during a tight supply, thereby forcing prices higher). This week also saw increased levels of sabre-rattling with Iran — for example, a U.S.-contracted cargo ship firing warning shots at approaching vessels believed to be from Iran.
Based on Bush’s past behavior, we should probably expect the remainder of his term to consist largely of taking whatever action is in the best immediate interest of Big Oil…which means get ready to open your wallet even wider when you stop at the pump.
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