THE BUSH PUSH ON OIL PRICE INCREASES 3: Foreign Policy

Adam Kritzer at CurrencyTrading.net has written an article on “8 Ways the Bush Administration Has Caused the Oil Price Boom.”

The Bush Administration’s aggressive foreign policy has also contributed to the surge in oil prices. When the USA invaded Iraq in 2003, the justification was that Saddam Hussein was harboring weapons of mass destruction, and secondly, that he was oppressing the citizens of Iraq. Conspiracy theorists snickered, believing instead that the war was related to oil . . . Regardless of whether this is true, the US presence in Iraq should have ultimately stabilized Iraqi oil production, right? Not exactly. In fact, a full five years have passed since the initial invasion, and oil production is still hovering around 2/3 of pre-war output. This is especially unfortunate because Iraq is one of the only major oil producers that (would have been) is in position to increase output.

Is it coincidence or has the Bush administration really contributed to the oil price boom?

image from Microsoft Clipart reconstructed by Ren Garcia