Warren Buffett lost billions in the 2000s trying to run up the price of oil while Bush was President as well.
The run up to $140 in 2007 right after McStain was gaining traction after choosing Palen was not natural. Check the archives here. One trading firm caused the spike to start.
Buffet never makes a bet so big he can’t handle the loss. That’s why he’s made huge fortune and so have many of his investors. His oil debacle was a drop in the bucket for him.