[« Sitting in the catbird seat...] [Apropos of an earlier post.... »]
08/23/2004: "Rut Roh!" --Scooby Doo
According to Air America Radio's on the hour newscast, now Bush's economic advisors are telling us that the spiking oil prices are going to have an adverse effect on the economy.
I'll have to keep an eye on this; so far I'm not seeing anything on this in the mainstream press. But it makes perfect sense to me.
If true, not very good news for the bAdministration, however....
Len on 08.23.04 @ 07:05 AM CST
Replies: 1 comment
on Monday, August 23rd, 2004 at 9:25 AM CST, Lurch said
However....
We'll see downward movement in gas prices starting very quickly, now that the Badministration has signaled publicly that Big Oil has to begin its price rollback sooner than had been originally planned.
The Saudis had an announcement over the weekend, I believe, that they're beginning a production increase.
The only possible fly in the ointment is the spot market, but since a LOT of the spot price escalation is directly attributable to Big Oil Companies, a reduction in open market acquistion will lower the market price.
It's pretty simple: Bush is getting slammed again in the court of public opinion. Exxon agrees to settle for a slightly smaller profit increase over the same quarter last year, and Joe Sixpack may be able to afford to gas up his car and feed his kids meat twice in the same week. But only because we have a proven Warrior as our Leader.