Gasoline Prices And Deregulation: George Bush’s Legacy
Politics and Social Issues»
Gas Costs And Deregulation: George Bush’s Legacy
Updated on February 14, 2015 bgpappa moreContact Creator Books
American Orientalism: The United States and the Middle East since 1945 Purchase Now Somebody requested as a request whether the rise of gasoline prices is tied to a Bush being into office. The straightforward reply is sure, but not for the explanations that you’ll suppose.
Politics apart, there appears to be a connection with a Bush being into office and the rise is gasoline costs. I am not, nonetheless, like so lots of my liberal pals who imagine this is due to a corrupt intention to manipulate the gasoline prices by the Bush family. As an alternative, I believe it is a change in laws.
Generally, Republicans need as little regulation as potential over American business. This can also be known because the free market method. The present Bush ran a deregulator believing that the market might better regulate the economy that the federal government. For probably the most half, I actually consider this is a sound contention. Nevertheless, I don’t imagine this theory works in terms of energy.
Within the early a part of this decade, California deregulated power. What was seen as a way to advertise competition within the marketplace became an financial disaster. California no longer had sufficient energy and experienced rolling blackouts. Prices rose out of control. There was no competitors. This is because of the truth that there are just a few producers of vitality.
The same is true for oil. There are very few nations that may produce the amount of oil the United States uses. Granted, many countries have oil, only some companies management its output. With out authorities regulation, these companies have full control over the value.
Now I consider in various energy. But it’s not here but. Alternative energies should not yet value effective or feasible. The Bush administration did nothing to move it along and confirmed no interest to take action. This meant that the oil producers knew that there would be no regulation of fuel and no competition. This leads to the price going up below any economic model.
So yes, it is coincidence, however not by corruption. If President Bush had not been so anti-regulation and pro-market, the prices may have remained stable. But given the varied wars, using oil by the army in these wars, and a whole lack of discovery on alternative fuels, the costs we paid a number of months in the past was inevitable. And now, in Bush’s last days, the prices are greater to get some last minute income before regulation returns. Hopefully, we are going to push for alternatives as well. We are going to see.
Just my rant. I may be fallacious.
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sendingAuthorbgpappa 5 years in the past from Sacramento, California
And which “facts” and “liberal counter factors” do you refer. Some specifics would be good.
Nonala Gauche 5 years ago from Norman, Oklahoma
Jon EWall rebutted you with details and all you would do is counter with liberal talking points.
Either we change our methods or stop complaining I assume. Thanks for the remark.
Moderndayslave 6 years ago
I read that a barrel of oil was traded 27 times earlier than it reached its closing destination in 08 when fuel was as much as $four a gallon. So I suppose Wall street is at it once more I believe if you’re taking all of those fingers out of the pie oil could be about $35 a barrel. The SEC is a canine and pony show so till the overall population gets off their a** nothing will change.
Authorbgpappa 6 years in the past from Sacramento, California
DJ, Bush did deregulate. Yes, Clinton bombed Iraq, but he didn’t invade the Nation underneath false pretenses.
Thanks for stopping by.
DJ 6 years in the past
bgpappa, Bush did not deregulate, Reagan administration did and ever administration carried on including Clinton administration as well it appears lefties forget Clinton bombed Iraq before.
Ugh, ugh, ugh,
In keeping with your interpretation, there is a difference. In the event you had the chance to catch President Obama on the campaign path the final three weeks, perhaps you may clear up the spin and the lies in your readers.
I’ve listed them again and again. However I by no means referred to as them “lies.” Spin, half truths, you know, what all Washington people do. Blaiming Obama for every thing, Bush for everthing using info that do not assist your argument. Not a lie, just spin.
Please ” let me be clear ”, be more specific as to the lies that you declare that I’ve written. Do not be obscure, enable me to follow your sources,be more to the purpose if you possibly can.
In my hubs I only point out the info,there may be sufficient blame to go round when we discuss our corrupt authorities in Washington.
See in contrast to you, I’m able to see some good even in those of which I disagree. Bush was nice in the weeks after 911. Confirmed nice leadership, did a lot to move the nation ahead mentally and emotionally. The scene at ground zero was among the finest Presidential moments in our history in my view. Not to say that President Bush has an exquisite household, by all accounts is a good dad (one thing that is essential to me). I don’t need CNN or Fox to tell me those things, nor do I need talking points. Simply my opinion. Nonetheless, Bush made numerous errors, some by admission, and the lies instructed to go to warfare in Iraq are simply unforgiveable.
Yes, there are two sides to each coin. Its funny that you would point that out as you never blame Republicans for anything and Democrats for every little thing. As for not many individuals believing it, you need to be kidding. Perhaps none of your mates, however a vast majority of the nation, Bush’s approval scores had been under these of Nixon and Truman. Obama’s 42 % would have been a welcomed site in the Bush White House.
I don’t believe you have got many people believing all that.
Bush apparently did not do a lot good while he was president.THERE Is 2 SIDES OF A COIN,did he do something right or good Let’s attempt to be honest and balanced for as soon as. the entire reality and nothing however the whole truth will set you free!
Um, wrote the whole hub about it. Learn it again if it’s important to. But the nice recession, two badly managed wars, one introduced on by fraud, Katrina, deregulation, all Bush legacies.
What is the Bush legacy, can you reiterate for the world to see
Consider I wrote this hub before Obama was sworn in, you are just a little late to the celebration. However is not it interesting that you just by no means, and that i mean never, want to discuss Bush’s legacy. In keeping with you he has no legacy, it didn’t happen. Humorous.
You requested for it
YOU DWELL In the past,That’s ALL History NOW.What has Obama accomplished within the final 19 months that cannot make folks forget about Bush The tarp bailout cash has been repaid with curiosity ( saved the nation going over the edge ).That means that the Bush deficit is only $600 billion, down from $1.3 billion (tarp bailout).Barak Obama has spent 3x as a lot as Bush did and still we have 9.7% unemployment,14.5 million out of work and an financial system that has but to recuperate.
We don’t even know what the 2011 price range is, guess it must be bad for the Democrats and President Obama.Obama promised open and clear government.The individuals should be affected petroleum refinerynsultants quotes person,it is arduous work and it’ll take a while to appropriate what the last administration left us with.
Sounded lots completely different when Barak Obama was a candidate.
I do blame Bush for much more, but this was only one example.
Thanks for reading
You asked for it 7 years in the past from in between right here and there
Oh, however it’s best to blame Bush for much more not simply the value of gas. Did he carry any oil again from his fiasco in Iraq
P.S. Don’t hearken to Jon, he is senseless; not right here and never much in the boards either, however he likes to speak and speak and discuss, so we let him…
I do not suppose I do spin anything, I’ll rail against a dem just as fast as a republican. Simply so occurs I feel you’re unsuitable on this subject. Laid out the very fact, youi didn’t really disagree, aside from 2007 which I humbly admit I spaced on.
Oil companies do not pay 50 percent taxes, maybe in concept, but not in reality. And i have nothing against anybody making a profit, however when costs are rising because of higher costs, demand is down (which it was when prices rose) and you still manage the biggest revenue ever, then something is amiss.
By the way, there are over 4000 shallow water wells on US land. Simply an fascinating reality I discovered from fox information today.
Thanks for the ocmment.
YOU Said ” notice that in March 2008, or two months after the democrats took over Congress, OPEC accused the United States of economic “mismanagement”
Observe Democrats took over Jan 2007 as I reported. It took the dems simply slightly over 1 year to foul things up.
you said ” the profits of the six major oil companies – ExxonMobil, Whole, Shell, BP, Chevron, and Conoco Phillips – totaled $494.Eight billion.”
When corporations make revenue, that’s not bad because the politicians want you to consider. The oil firm income were about 3% on their investment, that is not out of line with industry requirements.
Now remember that the federal government( taxpayers ) got maybe 50% of these earnings for the treasury. Question how did the government spend our money. If you may remember there was a name to suspend federal gasoline taxes (17% on a gal. of gasoline )when the gas costs have been $four.00/ GAL.The federal government Didn’t petroleum refinerynsultants quotes ACT.
The oil speculators knew that the Democrat Congress wouldn’t approve extra US drilling. High gas costs helped the ignite the recession in Nov 2008.
Google Ethanol, Corn Ethanol
Senator Majority Chief Harry Reid’s bill, S. 1419, the “Renewable Fuels, Shopper Protection and Vitality Efficiency Act of 2007 contains requirement to supply 36 billion gallons of biofuels by 2022, nearly 5 occasions the 7.5 billion gallon ethanol mandate focused for 2012 included within the Energy Coverage Act of 2005.
Enjoyed YOUR Comments. You are HOPEFULLY GETTING OUT OF THE SPIN Space.
Authorbgpappa 7 years in the past from Sacramento, California
Funny, George Bush was President for eight years, yet he appears to by no means receive any blame for anything that occurred in those eight years. But in this hub, I don’t actually blame Bush for anyting other than what his policy was: as little regulation as attainable and the oil market reaction to that policy perspective. But you cannot wait to spin that in two years democrats precipitated a financial crisis that started in 2006.
When Bush took workplace the worth of oil was about $25 a barrell. In 2003 the worth rose above $30 after the invasion of Iraq and by 2005 the worth reached $60. Yes, the peak was in 2008, six months after the democrats reached office, however do you actually expect anyone to consider that six months was the reason for the gas disaster. The rise in fuel costs was a relentless strain on the economy and my pocketbook once Bush reached office in 2001. Once more, this was market forces at work, some would say this was good. Unchecked market forces couples with the rise of demand due to the waging wars and Hurricana Katrina triggered a spike. Plus, you cannot forget the contining increase demand from new customers like China, India and others. It will be significant to note that Between 2004 and 2007, the profits of the six main oil firms – ExxonMobil, Complete, Shell, BP, Chevron, and ConocoPhillips – totaled $494.8 billion.
It is usually essential to note that in March 2008, or two months after the democrats took over Congress, OPEC accused the United States of economic “mismanagement” that was pushing oil prices to report highs.
I haven’t heard the “corn idea” before however can be prepared to overview it in the event you were type sufficient to offer a hyperlink.
Thanks for the remark.
JON EWALL 7 years in the past from usa
Seems Like you WROTE YOUR HUB 17 MONTHS In the past sometime in Feb.
Let’s clear up some information concerning the high value of gas.
2007 the Democrats took over control of Congress (spending and legislation ).Pelosi and Reid passed laws to supply ethanol, ethanol is made from corn. Corn was taken out of the meals chain inflicting a world shortage of corn and higher meals prices.
2007 a barrel of oil was $ 56.00.The Dem’s shut down production of US oil by denying permits and extra rules favoring alternate gasoline production.
The smart individuals on wall street, Goldman Sachs, pension funds and different connected big cash speculators jacked up the oil prices from $ fifty six to $125 a barrel. Lot of them and foreign oil producers made some huge cash. Gasoline costs sky rocketed to $4 a gal if you’ll be able to remember. Trucking cost went up, meals costs went up and other people and companies began to layoff people.
It only took 2 years of the Democrat Congress to mismanage the financial system on the expense of a lame duck president ( BUSH ).
End consequence of higher meals ,higher fuel and other people unable to pay their mortgages led us as much as the current recession.
2010 the Dem’s win the Presidency and win a brilliant majority petroleum refinerynsultants quotes of Congress hence the Republicans don’t depend in drafting laws. 2007 unemployment was four.6%, 2008 6.7% (recession started in nov 2008),2009 10+% and now in 2010 9.7%.
Let’s hope that this Congress and president Obama will lastly try to find the jobs that have been promised in 2008.
That’s previous history, the long run is what is now vital.
Test it, advise please if I errored.
I’m glad as nicely, even written a few hubs on my celebration of change. One factor that’s interesting is right here in California, everytime the Lawyer General says he is going to look into fuel costs they drop by twenty p.c within a week. Even the menace of regulation seems to regulate the worth. My drawback with President Bush’s insurance policies is that it was obvious nothing was going to be finished and “market forces” would go unchecked. Think history will present that this a lot of a arms off approach on requirements (gasoline, meals, housing, finanical) does not work.
Thanks for studying.
Joanna McKenna 8 years ago from Central Oklahoma
Regulation shouldn’t be a nasty thing. I liken it to what would occur if all traffic lights had been turned off and stop signs taken down. Total chaos, after all, where solely the largest autos and most intimidating drivers would get via interesections. Pretty much what occurs to the price of oil when a Repug is in office. Simply as visitors lights and indicators keep site visitors flowing easily, regulation of industries that serve the general public keep the monster trucks from hogging the street. We have just seen what DEregulation did to the economy.
Had Bush been a real president final summer time, one of those govt orders he was so fond of signing might’ve have dropped gas costs *for national safety*. Such a weinie. So glad he’s GONE!
Lgali eight years ago
Authorbgpappa eight years in the past from Sacramento, California
babyfee 8 years in the past
Its an amazing opinion.