Wed
Jan 16 2008
10:41 am
Bush: oil prices threat to economy?
By: R. Neal

Bush begs Saudis for help with rising oil prices

"Oil prices are very high, which is tough on our economy," Bush said on the second day of his visit to the Islamic kingdom -- one of the key members of the OPEC oil cartel.

No kidding? Really? So why hasn't he done anything about getting us off oil in the last seven years?

Here's something to think about. The money we've spent invading Iraq and seizing their oil fields would have paid for EVERY SINGLE GALLON OF GAS used for U.S. transportation for the next TWO YEARS.

Or, it could have outfitted nearly half of the owner-occupied single-family houses in the U.S. with solar electric panels, generating 96 billion KWH of electricity per year (the approx. output of all TVA coal-fired power plants combined) for the NEXT 30 YEARS. (Not to mention the hundreds of thousands of jobs it would create to manufacture and install the systems.)

And so on...

(My basis for the calculations and/or my math could be way off, but you get the idea.)

Topics:
bizgrrl's picture

tough on our

Submitted by bizgrrl on Wed, 2008/01/16 - 10:51am.

tough on our economy

Presidenting is hard work.

Factchecker's picture

Evil Socialism

Submitted by Factchecker on Wed, 2008/01/16 - 11:05am.

The money we've spent invading Iraq...could have outfitted nearly half of the owner-occupied single-family houses in the U.S. with solar electric panels, generating 96 billion KWH of electricity per year (the approx. output of all TVA coal-fired power plants combined) for the NEXT 30 YEARS.

But wouldn't that would be a misuse of taxpayer money? Not to be confused with waging an unwarranted, unprovoked, unpopular, and unsuccessful war.

cafkia's picture

But, man oh man would he be

Submitted by cafkia on Wed, 2008/01/16 - 11:08am.

But, man oh man would he be a kewl guy to have a beer with.

CAFKIA

----------------------------------------------------------- 

It is impossible to defeat an ignorant man in argument.
  - William G. McAdoo

Average Guy's picture

Blind like 20/20 vision

Submitted by Average Guy on Wed, 2008/01/16 - 11:09am.

If "blind" trusts set up for political leaders were public and excluded any former employer/business the leader had a history with - I believe there would be no war.

Certainly there would be no Lil George and Big Dick. With no money to be made, why would they want the job? Where is a Harry Truman when you need him? (link...)

gonzone's picture

gonzone

Submitted by gonzone on Wed, 2008/01/16 - 11:15am.

Did Bush hold his hand as he begged him?
News reports are the response from the Saudis was "go get hosed assh*le".
But they held a lovely tea party anyway.

redmondkr's picture

And who mislaid 308,000

Submitted by redmondkr on Wed, 2008/01/16 - 11:27am.

And who mislaid 308,000 barrels of oil from the Strategic Petroleum Reserve?

How does one mislay 308,000 barrels of anything?

It's simple, one hires an expert.

Visit us at

Wearybottom Associates

ANGRYWOLF's picture

Why should we have ever expected.....

Submitted by ANGRYWOLF on Wed, 2008/01/16 - 11:53am.

an oilman with ties to the industry to make us energy independent or to reduce our reliance on foreign oil.It was never going to happen folks....

ANGRYWOLF's picture

While Bush was over there..begging for oil from the Saudis

Submitted by ANGRYWOLF on Wed, 2008/01/16 - 12:07pm.

....yep...the same country that produced Osama bin Laden....responsible for the 911 attacks..Bush lost a court ruling denying benefits to a volunteer firefighter who died in 9-11...Yes, if I had been a trusted user I would have posted this separately, but I hope you can see the irony of this...

(link...)

Maybe revenues from increased saudi oil production can be used to compensate the victims and familes of 9-11 victims.....Yeah right...

Kyle Bubp's picture

Dollar at fault?

Submitted by Kyle Bubp (not verified) on Wed, 2008/01/16 - 12:17pm.

I would assume that the oil prices are high for us Americans because our dollar is low. Oh well, let's just keep borrowing billions from China!

gonzone's picture

Wrong

Submitted by gonzone on Wed, 2008/01/16 - 3:44pm.

That would be incorrect.

Oil is traded internationally with dollars (called petrodollars) so the value of the dollar and oil are inextricably linked, not something some oil producing countries are happy about. This also helps the dollar as many foreign banks must keep reserve dollars in order to buy oil. But when oil producing countries threaten to go to the Euro, they tend to get invaded by the US. Ask Iraq and think about Iran and Venezuela as examples.

China definitely is Bush's bitch when it comes to financing his war by buying US debt. I expect they'll want to get paid back at some point. Thanks grandkids!

SammySkull's picture

Don't we get most of our oil

Submitted by SammySkull on Wed, 2008/01/16 - 12:48pm.

Don't we get most of our oil from Canada and South America?

Brian A.'s picture

Yes, but it's a world

Submitted by Brian A. on Wed, 2008/01/16 - 1:00pm.

Yes, but it's a world market, so that doesn't really matter. If other countries were not consuming Saudi oil, then they'd be going after the Canadian oil and we'd have to pay more for it.

Brian A.
I'd rather be cycling.

Brian A.'s picture

Cadidate Bush

Submitted by Brian A. on Wed, 2008/01/16 - 1:02pm.

Back in the day

"Campaigning for president in a state particularly hard-hit by high gasoline prices, Texas Gov. George W. Bush on Tuesday blamed the nation's predicament on the Clinton administration, which he said is operating without an energy policy. "This is an administration that is hoping the issue goes away,' Bush said. ... 'The vice president seems to forget who's been in office for seven years,' Bush said. 'This is an administration that has been in charge, and the price of gasoline has risen steadily since they've been in office.' Asked what he would do as president to address the price at the pump, Bush said he would confer with oil-producing allies and ask them to pump more crude. 'I would use the capital my administration will earn with the Kuwaitis or the Saudis, to convince them to open up the spigot,' Bush said. 'That's where we will get immediate relief.'" [Houston Chronicle, 6/28/00]

Price of oil at the time? $33/barrel.

Another promise kept.

Brian A.
I'd rather be cycling.

cafkia's picture

Asked what he would do as

Submitted by cafkia on Wed, 2008/01/16 - 1:28pm.

Asked what he would do as president to address the price at the pump, Bush said he would confer with oil-producing allies and ask them to pump more crude.

Of course, pollution and global warming were not unheard of issues even back then. It was a stupid statement to make then and it is an incredibly stupid policy now.

We are already living with this. We don't need immediate relief, we need long term solutions that will not kill us or our favorite planet.

CAFKIA

----------------------------------------------------------- 

It is impossible to defeat an ignorant man in argument.
  - William G. McAdoo

JaHu's picture

Asked what he would do as

Submitted by JaHu on Wed, 2008/01/16 - 11:46pm.


Asked what he would do as president to address the price at the pump, Bush said he would confer with oil-producing allies and ask them to pump more crude.

What good would it do to pump more crude? Isn't an oil shortage the only reason for needing a production increase? I haven't noticed a shortage, anyone else? Bush is just trying to fool the nation into thinking he's doing something positive. Of course there is a particular group out there who will fall for it.

Adrift in the Sea of Humility

R. Neal's picture

Another promise kept. Great

Submitted by R. Neal on Wed, 2008/01/16 - 1:02pm.

Another promise kept.

Great catch, Brian!

Factchecker's picture

He doesn't think about or care where Bin Laden is

Submitted by Factchecker on Wed, 2008/01/16 - 2:53pm.

I like the way the ABC News story put it (via HuffPo w/ appropriate photo of Bush sharing a kiss w/ favorite Arab sheik):

... When Bush ran for the White House in 2000, he said he would "jawbone" America's Saudi allies to lower the price of oil. ...

Though this didn't have the great "immediate relief" quote. Wasn't it kind of Dana Perino to correct her boss by explaining that these type of things can't be fixed overnight? Hope he goes easy on her.

Factchecker's picture

What Pilot Oil doesn't want us to know

Submitted by Factchecker on Wed, 2008/01/16 - 8:25pm.

Part of the NPR story on this reported (via Climate Progress too) that the Saudi oil minister said no to Bush on the grounds of "market forces." That's a weird claim given that Bush's Saudi friends represent an illegal cartel that manipulates oil prices, whether directly or indirectly by altering supply.

So much for the "free market" solving our energy problems, like virtually all in the GOP claim that it will.

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