America’s addiction to oil
Bush has authorized the Strategic Petroleum Reserve to release oil for temporary loans in response to supply disruptions following Hurricanes Lili (2002), Ivan (2004) and Katrina (2005). On August 31, 2005 Bush authorized the SPR to sell 30 million barrels of oil as part of a coordinated international sale of 60 million barrels to maintain supplies and calm markets. On April 25, 2006 Bush announced a temporary halt to petroleum deposits to the SPR to alleviate high fuel prices. U.S. sanctions on Iran confirm that virtually all trade and investment activities with Iran by U.S. persons wherever located, are prohibited. Venezuela, part of OPEC, exports 1.5 million barrels per day to the U.S.
There are many reasons for this dip in the market but to blame it on one man is bizarre. America’s addiction to buy now, pay later is the main reason. Bush Derangement Syndrome abounds.
Jim McSuidy
Smock