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Bush responsible for high gas prices? By Kevin 3-13-03

Obviously, no one action is entirely responsible for the rise in gas prices, but TIME does point to one little discussed factor

After 9/11, Bush developed a plan to fill the Strategic Petroleum Reserve (SPR), a 700 million — bbl. store meant to sustain the U.S. in an emergency. Last year 40 million bbl. were added to the SPR. The report states those purchases drove up prices by adding to the demand for oil. An independent analyst says that had the Administration not acted, oil would be selling for just $28 per bbl. instead of its current price of nearly $38 per bbl. and gas would be 35¢ per gal. lower. The government oil-buying binge has not even increased the supply of available oil, the report claims, since most of the petroleum added to the SPR was bought from private refiners, which have not replenished their stocks because of high prices.

Bush claims that the extra oil was needed for national security. Of course, it offers no proof, and refuses to turn over relevant documents to the Senate:

But the Senate report uncovered internal memos from the Energy Department warning of the plan's potential adverse impact. Sources tell TIME that Senate investigators have asked for additional documents on the purchases, but the Administration has refused because they contain communications with the White House

This is how conspiracy theories get started. An administration stocked with oil men takes an action that enriches oil men at the cost of the average consumer, then refuses to hand over documents relating to the decision - even in its own defense. If we actually had a liberal media, this would be getting a large amount of coverage. Everyone in the country was affected by this decision, and a handful of oil companies are now very much richer. And yet, there is very little discussion of the act, its implications, or its justifications.

It is possible that the Bush admin acted appropriately. But we don't really know, because no one is laying out the arguments in a coherent fashion. Instead, the Bush Administration is hiding behind "Executive Privilege", again.

Source: http://www.leanleft.com/archives/001096.html