Give Bush Credit Or Blame For Oil Prices?

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Global oil prices were relatively low and steady for over 20 years before Bush took office. Since then, prices have been rising steadily culminating to an all-time high of $147 a barrel. At the beginning of his final six months in office, prices collapsed and oil is now selling for less than $50 a barrel.

Cash Liquidity Traded For Oil Liquidity

Some think that since he caught much of the blame for the high prices, he then deserves much of the credit for the low price today.

Others, including myself think Bush and his oil executive cabinet and Energy Task Force policies drained the cash liquidity out of the world economy through a highly speculative and unregulated “phony free market,” thus turning a minor U.S. mortgage meltdown into possibly a global economic depression.

Who cares about energy independence when oil is this cheap?

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