What do you mean "Bad news for Bush"? What does Bush have to do with any of this?
Gosh, I thought everyone knew by now that Bush gets blamed for Any and ALL bad news, especially regarding the economy. The MSM, don't ya know, has convinced most sheeple that the Bush clan and their oil buddies (along with Haliburton) are responsible for supply & demand, not to mention oil prices.
We were told that fuel prices would go down after we "stabilized" Iraq. Just the opposite happened.
One of the first things we did was secure the oil wells so that Saddam wouldn't light 'em up like he did after the Kuwait invasion.
Who is Iraq selling their oil to now?
Just wondering...........
its a simple political reality. and Bush doesn't help himself by seeming to be disenaged about the topic - he never speaks about it, and when the administration does, they basically say that there isn't anything that they can do.
I have said it many times - open the strategic reserve and sell oil from it to US refiners at $42 per bbl. Then go sign a contract with the new iraqi government to replace those reserves at $40 per bbl, the $2 spread being spun politically as "war reparations". That will play politically, because americans expected an improved oil supply situation as part of the iraqi war. once the speculators and hedge funds see this move, they will start dumping their positions - and the $12-15 component of the price that is due to speculation can be driven from the market.