…and why they’re so high:
1. Demand is high, fueled by growing economies in China and the U.S.
2. Supply is decreasing — OPEC has announced a 1.5 million barrel per day supply cut, in addition to another 1.5 million bpd reduction in the amount member nations are cheating
But also interestingly:
3. Hedge funds are driving prices up as they look for good investments in a low interest rate environment with overpriced equity markets
4. The U.S. continues to buy oil for the Strategic Petroleum Reserve, and
5. There’s a risk premium added to the price, based on a concern about a terrorist-induced supply shock
Link here (may be subscription only)
The Bush administration is clearly busying itself with attacking Dick Clarke, going so far as to claim he lied under oath. They are on very, very dangerous ground right now. From a campaign perspective, the merits of Clarke’s arguments aren’t the point, nor is his character or his motivations. The Bush administration should be spending every ounce of its efforts to explain why they feel they’ve reacted well to terrorism, why their policies are better, why they were taking appropriate steps prior to 9/11. Attacking this man makes them look defensive, makes them look like they have something to hide, makes them look like their focus is, once again, on politics not policy (sorry to belabor that point, but I think it defines this president). To top it off, Rice’s refusal to testify to the commission under oath looks even worse.
I say this in all honesty, and I feel without exaggeration, but right now Bush is headed toward a major defeat.
mommar’s son seems to have a great idea for libya. i doubt he speaks for his father, but the article is very interesting. it would be wonderful to see his ideas play out.
mommar’s son seems to have a great idea for libya. i doubt he speaks for his father, but the article is very interesting. it would be wonderful to see his ideas play out.
Even Better Thoughts