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President Bush Tries To Keep Momentum From State Of The Union

February 3, 2006 ⋅  E-Mail Article ⋅  Print Article ⋅ Post a comment

President Bush made an inspirational speech to the nation on Tuesday advising he wants to wean us off of our addiction to imported oil. We have heard this statement a million times before, why should we believe any differently now? Our last poll showed, many are no longer blaming Bush for our high gasoline prices any longer, and for those who still blame President Bush, here’s some bad medicine.

Crude oil futures rose by more than a dollar a barrel on Wednesday; this rise was in spite of United States government report showing crude oil and gasoline supplies and reserves on the rise in America. With plenty of product, and reduced demand, why did the price go up? The professionals advised that the oil market is nervous about geopolitical tensions ranging anywhere from the nuclear confrontation with Iran to the on-going war in Iraq, not you can add unrest in Africa to this list.

I see no mention of anything President Bush did directly in the 24 after his speech that would cause the price to rise a buck, if anything he told these guys we will need less of your product soon so good luck.

In spite of this, market traders are trying to keep the rally going in the oil market, they call up big money buyers and get them to buy up futures based on speculation, they then call the next guy and tell him how people are hitting futures hard and he should get in, its almost like a pyramid scam and you and I, the average Americans, are paying the price.

Case in point, analysts stated today that the uptrend in oil futures only reflects speculative buying, and short-covering, there were no other reasons for a spike in price.

Bush offered during his State speech, the proposal was aimed at ending U.S. dependence on foreign oil in response to Americans who are more vigorously expressing their concerns about the rising cost of gasoline and home heating fuel. The President stated, “Here we have a serious problem: America is addicted to oil, which is often imported from unstable parts of the world…Tonight, I announce the Advanced Energy Initiative — a 22 percent increase in clean energy research at the Department of Energy, to push for breakthroughs in two vital areas…To change how we power our homes and offices, we will invest more in zero-emission, coal-fired plants; revolutionary solar and wind technologies; and clean, safe nuclear energy…We will increase our research in better batteries for hybrid and electric cars, and in pollution-free cars that run on hydrogen. We will also fund additional research in cutting-edge methods of producing ethanol, not just from corn but from wood chips, stalks, or switch grass.”

Bush also stated he wants more energy research in America. By stating, “ To call on congress to double the federal commitment to the most critical basic research programs in the physical sciences over the next 10 years…This funding will support the work of America’s most creative minds as they explore promising areas such as nanotechnology, supercomputing, and alternative energy sources…make permanent the research and development tax credit, to encourage bolder private-sector investment in technology.”

What more can we ask for? Now let’s see the proof in the pudding Mister President.

President Bush on Oil

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