Next Time You're at the Pump, Blame Bush

Robert Dreyfuss

Worried about gas prices? A new report from the National Security Network suggests where to put the blame: on President Bush's reckless Middle East policy. The invasion of Iraq, with its destruction of petroleum infrastructure, hundreds of uncontained attacks on production and transit facilities, and slowness to return production to pre-war levels has added a significant additional expense. So too has the saber-rattling against Iran, which experts say has affected the price of oil dramatically -- by as much as $11 in one day. Some experts estimate this premium to be as much as $30-$40 for every barrel of oil sold. It doesn't take a genius to understand that the United States can't go charging into the world's most volatile real estate and not adversely affect oil prices. It's also true that speculators, commodity traders, and hedge funds have made billions of dollars by bidding up the price of oil, in expectation that the security premium on oil prices will remain in place for years to come. Some of the increase, of course, is due to stepped-up demand from China, India and other world consumers. But it's ludicrous to think that China and India suddenly came out of nowhere--in fact, their demand has been increasing steadily and slowly (and predictably) for years... continua / continued