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Originally Posted by roachboy
generally, though, i think the price spike is a function of
(a) the devaluation of the dollar
(b) irrational energy policies in general, particularly in the united states
(c) supply-level politics on the part of opec
(d) the war in iraq
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I think we agree on your item b. On one hand we have a Republican administration that want to drill for more oil, wants to use military intervention to stabilize the Middle East to protect the flow of oil. Then we have Democrats who want to minimize our carbon foot print and subsidize inefficient alternatives to oil. Over the years we have ended up with no real alternative to oil, we spend billions on our military in the Middle East, we spend billions subsidizing inefficient oil alternatives, and we are not producing any oil domestically.
I know that generally on TFP, members want to put all of the blame on Bush but it seems to me that the problem is bigger than Bush and predates his administration. It is going to get worse unless there is cooperation in Washington on this issue.