Tell me HOW you are going to fix it.
(If Bush gave a Kennedy speach, “The US will be energy independant in 5 years...”, the price would tank today.
But JFK was more conservative than Bush.)
Since President George W Bush has been trying to get drilling for 8 years your lying. No sense letting the truth get in the way of good Bush Dyrangement Syndrome.
Pray for W and Our Troops
A speech means nothing. Bush has repeatedly called for more energy development. He has been blocked on numerous occasions by the Democrats and Rinos. We need more domestic exploration of oil and natural gas, more refinery development, restrictions lifted on coal to gas technologies, more rationalized environmental policies, and a muzzle on third party lawsuits by environmental organizations. If Congress passed this agenda, energy prices would decline over time. Perhaps this oil bubble would even burst in the short run.
The Democrats are not about to pass any legislation with this agenda however. The Democrats want high energy prices. They live a fantasy world of alternative energy. Alternative energy will not be viable for decades. We are still going to need lots of oil and natural gas even when alternative energy becomes viable. The most likely outcome will be non viable alternative energy technologies such as corn-based ethanol. The Democrats will panick and mandate additional non viable solutions just to convince the public that they have the answers.
Energy independence is a dumb idea. We need energy from reliable partners and more domestic development. Oil is a world wide commodity. If alternative fuels become viable, they will be world wide commodities also. We want to be able to purchase energy sources in open markets without the influence of cartels and stifling government regulations.
If there is a need to fix anything, I would recommend requiring a 20% up-front investment in the oil futures. This would be similar to a prudent home lender requiring a 20% down payment on the house.
The 5% margin (some say it’s 7%) reminded me of how all those people in the roaring ‘20s bought stocks on a 10% margin, only to be left holding the bag when the market crashed. If we ever started drilling all-out and crashing oil prices, the speculators would be in a similar position. And when they are in hock, they won’t have money to spend in other areas of the economy, just like those unfortunate stockholders of the 1920s.