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  • From: Mark Turner <markt AT siteseers.net>
  • To: internetworkers AT lists.ibiblio.org
  • Subject: Re: [internetworkers] price of gasoline
  • Date: Fri, 29 Aug 2003 01:21:18 -0000

On Thu, 2003-08-28 at 14:46, zman wrote:

> I'm blaming it on Bush and his cronies wanting more money from their Texas
> oil...

Bush's actions are contributing, according to this Guardian article:
http://observer.guardian.co.uk/business/story/0,6903,1028320,00.html
"The lack of Iraqi oil may have pushed it higher still, but the real
reasons for the longevity of high oil prices are not in the Middle East
but in Louisiana and China. In that southern US state and in
neighbouring Texas lie huge salt-lined caverns that house America's
strategic petroleum reserves. After 11 September 2001, President Bush
said he wanted to increase the oil in the reserve from 600 million
barrels to 700 million barrels by the end of 2005.

This huge cache of black gold would serve as emergency stocks should any
unfriendly country choose to halt exports, or should there be a repeat
of Venezuela's political turmoil, which hoisted oil prices above $35 in
December.

Then President Bush stopped adding to the reserve to alleviate pressure
on the oil price. In May, he turned the taps back on again and the US
administration has been paying top dollars - of more than $30 a barrel -
for 11 million barrels of oil. Democratic senator Carl Levin accused the
Bush administration of foisting high oil prices on the world.

'This administration's actions to fill the [reserves] regardless of the
price for oil available to the commercial sector, is a major reason for
these high prices,' Levin said in a letter to the US Energy Secretary,
Spencer Abraham."






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