Adam Kritzer at CurrencyTrading.net has written an article on “8 Ways the Bush Administration Has Caused the Oil Price Boom.”
He traces the increase in oil price during the Bush administration: “When George W. Bush was sworn in as President in January 2001, the price of oil was approximately $28 per barrel. By coincidence, 2001 also saw the US import more oil than it produced domestically for the first time in its history. In hindsight, perhaps this was an omen. During the tenure of his administration, oil prices have skyrocketed to $130 per barrel, and some analysts have predicted that the …read more

An economic theory propounds that, in seeking their respective self-interests, players in the market effect an equilibrium which results in the common good.
On the supply side, Saudi Arabia, the world’s largest oil exporter and the US’ second largest source of crude, announced that it was increasing its production level by 500,000 barrels per day (New York Times, 14 June 2008). Even as Saudi Arabia is already riding the crest of record profits from oil, this increase in production level will generate even more profits on top of record profits. If other oil exporting countries follow their respective self-interests …read more