Are the high gas prices Bushs fault for not promoting more drilling for oil?
A lot of answers, but no one has put forth the leading cause in the past few years–the economic growth of China has added a good bit to the cost of oil. They don’t have easy access to oil, steel, cooper, etc. on their own and with the economy booming so fast (in past because of the upcoming Olympics) they have to buy it on the open market. Just look at copper prices. 5 years ago a pound of scrap copper was worth about a buck, now its about 4 or 5. Scrap steel (like a used car) is now worth 6-8 bucks per hundred pounds. A 2 ton car would bring you about $150. 5 years ago a friend of mine would not sell his scrap cars if he couldn’t get $40 per car! So when you come down to it, the main problem is that we are now living in a world that has caught up to our “need” for scarce materials. We could bring our own prices down if we were able to once again drill as we have in the past. We have more oil in the ground then most people realize! Canada–who by the way is our leading supplier of oil
