Saturday, May 17, 2008

America fumes while W grovels

Poor George, no friends even at the Wall Street Journal:

Though the oil market's problems are complex and deeply entrenched, Mr. Bush likely can't escape some blame for the current price spikes. The U.S. invasion of Iraq reduced that country's oil production for several years, and added to the geopolitical jitters in the Middle East that have also helped support prices. The dollar's slide also drives up prices because oil sales are denominated in dollars and producers need more of them to make the same profit. The weakened currency stems partly from the rise in U.S. government debt in recent years.
And don't forget Ben Bernanke's contributions to high oil prices: Who would have thought that dropping rates would cause the dollar to soften so much?

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