It's no one's fault. It was a planned shift in price levels to gain a particular political outcome.
Gas prices are sky high for 2 years. Then, we suddenly have a 70-80 cent drop in prices for the two months before a crucial election. Then, prices suddenly spike right back up following the election.
Stepping back, we see that the President's family has a very established relationship with the Saudi groups which control OPEC output and therefore control prices. We also see oil companies posting up to record $10.5B PROFIT quarters for oil companies continuing. And we know that a republican controlled congress will not change any of the policies which have allowed this to take place.
It is possible that Bush 1 influences the saudis to increase output to drop prices for the 2006 election in order to maintain a favorable congress for 2 more years, which would benefit bush, oil campanies, and the Saudis.
Is there a more plausible explanation? I'd love to hear it
I think your explanation is very reasonable.
The problem, is that I doubt that lower oil prices will work in favor of the Republicans.
Why?
Because the drop was so big, and the drop came so close to the elections. Big risk that voters are going to associate the price drop with Bush-Saudi relations, and thus make Republicans associated with manipulating of world politics for their own good.
Everyone has been talking about how the price drop is manipulated by Bush.
Had Bush played it smart, the price drop would've been in effect since the start of the year. Then nobody would've associated it with political lewd conduct.
This year, it's Bush that is losing the election for the Republicans, rather than the Democrats that is winning it.
Which is sad. You always would like a party, whoever it is, to win based on its own merits.
Not on the other party having problems (GOP having Foley and the Bush Administration to cope with).
IMO, it's not a fair race. The Republican Party gets punished for what Bush does.
Does anyone believe that John McCain or Colin Powell would stay one minute if George W Bush entered a room and opened a conversation?
McCain and Powell are intellectuals...
YIP
Zack