Bush Silence on Oil Prices Reflects Lack of Influence on Market

[jpak]

http://www.bloomberg.com/apps/news?pid=20601103&sid=alsj7WY4bnRs&refer=us

July 31 (Bloomberg) -- Crude oil at $70 a barrel was enough to prompt President George W. Bush in January to pledge to make the U.S. self-reliant for its energy needs. Today, with the cost of a barrel approaching $80, he's mostly keeping silent.

The president, after nine energy-policy speeches between February and May, has mentioned his strategy only once in the past two months -- a period in which oil futures reached a record $78.40 a barrel.

As the summer months bring heat waves and ever-higher gasoline costs, Bush's silence is an implicit acknowledgement that the U.S. government, particularly one run by a president devoted to free-market principles, doesn't have much influence over energy prices.

``The president recognizes the reality that there's very little one can do in the short run,'' Edward Lazear, chairman of Bush's Council of Economic Advisers, said in an interview. ``It's not easy to change things when talking about a world market.''

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edit: And after all the Kissyface-making and Handholding he did with the Saudi Royal Family...you'd think that would count for something - right???

[lostnfound]

1. What a joke. Have they at least stopped expanding the reserves..

at the worst possible time?

What a joke. This IS their energy strategy.

[conkar]

2. It's their business

Why would they want anything less?

[Ready4Change]

3. I thought he'd get his friends to turn on the taps?

That's what he said he'd do during the (s)election. Price of oil then was too high, he said. He'd get them to turn on the taps, he said.

Fools voted for him them. Stupid fools voted for him on '04. ANd only damned fools still support him.

Where are the rails? It's time somebody got run out of here.

[soothsayer]

4. Actually, it reflects his STRONG influence in the market. those

record profits aren't coincidental.

[phantom power]

5. Yes, it might just reflect the fact that he doesn't give a shit...

[unschooler]

6. He turned off the spigot in Iraq by creating chaos there.

That's got to have an effect on prices - and profits.