There are no fewer than five seperate proposals floating around Congress to “do something” about high gasoline prices. And, of course, President Bush has also promised to deal with “the problem,” by investigating any allegations of price fixing on the part of oil refiners, marketers and retailers.
And yet, this very same day, a bill tightening US sanctions on Iran is also being taken up in Congress. Team Bush continues to threaten to attack Iran (an attack that would have significant bipartisan support), and has refused to rule out the use of nuclear weapons.
Far be it from me to assume anyone in Congress has many brains, but don’t they see the connection? Don’t stuanch Republicans, who like their gasoline cheap AND their foreigners bombed, also get it? The connection virtually every other trader, broker, buyer and seller of crude oil and refined products sees? That oil prices are probably $20/bbl higher than they might otherwise be were it not for all the bomb rattling over Iran?
AN ASIDE: For those of you lucky enough to live within spitting distance of the US/Mexico border, Mexican-state production and retailing monopoly Pemex islowering retail gasoline prices on its side of the frontier. Fill ‘er up!
10:09 am on April 26, 2006
