Kerry: Oil Prices Set Record: What is the Bush Administration Response?

[bigtree]

Kerry: Oil prices set a new record today -- reaching $48 for the first time ever. What is Bush doing about it?

8/19/2004 7:37:00

WASHINGTON, Aug. 19 /U.S. Newswire/ -- Following is a release of Kerry-Edwards 2004:

Kerry spokesman Phil Singer said: "The Bush Administration seems confused about what records it should be setting during the Olympics. You don't get gold medals for record oil prices, record deficits, or record health care costs. This is what happens when you have a White House that lacks a viable strategy for the economy or reducing our dependence on Middle Eastern oil."

Oil Prices Break $48 a Barrel For the First Time. Today oil prices set a new high. "U.S. light crude on the New York Mercantile Exchange jumped $1.48 to $48.75 a barrel, a record in the 21 years that oil futures have traded on NYMEX, before the September crude contract settled at $48.70, up $1.43 for the day." (Reuters, 8/19/04)

Oil Prices Have Set a Record in All But One of the Past Fifteen Trading Days. Oil prices have set another record high today. "U.S. crude oil prices have set record peaks in all but one of the past 15 trading sessions and are up about $11 a barrel, or 29 percent, since the end of June." (Reuters, 8/19/04)

Bush Administration Analysis Finds Energy Plan Will Not Lower Gas Prices. The Bush White House's Energy Information Administration study of the 2003 energy bill said it would not lower gas prices. (EIA, "Summary Impacts of Modeled Provisions of the 2003 Conference Energy Bill," http://tonto.eia.doe.gov/FTPROOT/service/sroiaf(2004)02.pdf)

KERRY PLAN:
http://releases.usnewswire.com/GetRelease.asp?ReleaseID=34952


This is the fifth line of attack TODAY from the Kerry camp. There are the responses to the swiftliars
http://releases.usnewswire.com/GetRelease.asp?ReleaseID=34918,
http://releases.usnewswire.com/GetRelease.asp?ReleaseID=34911
http://releases.usnewswire.com/GetRelease.asp?ReleaseID=34916

then there were statements on:

-prescriptions- "Americans Could Have Discount Prescription Prices From Canada Tomorrow if George W. Bush Would Give the Word; Bush Should Stop Tap Dancing and Support the Bipartisan Legislation"
http://releases.usnewswire.com/GetRelease.asp?ReleaseID=34929

-Zell Miller Keynoting the GOP Convention
http://releases.usnewswire.com/GetRelease.asp?ReleaseID=34926

-Cheney and Bush Were For A Strong Presence on the Korean Peninsula Before They Were Against It, Says Kerry Campaign
http://releases.usnewswire.com/GetRelease.asp?ReleaseID=34921

-Kerry Outlines Health Care Plan to Bring Down Costs for Families, Strengthen the Economy, Create Jobs; Report Shows Skyrocketing Health Costs Have Led to Job Loss
http://releases.usnewswire.com/GetRelease.asp?ReleaseID=34912

Where are those posters who claim to know how to run Kerry's campaign? Why do they just respond to the dirt and play down the hard work that the Kerry people have done in setting their own agenda and pushing their own message, despite the smoke and diversions of bushco? This campaign is smokin'! Thanks for tuning in.

[Sparkly]

1. I think this is good -- make the Chimp answer

How can it be made sensational enough for the media to cover it, as well as other issues?

[bigtree]

3. We need substance, not sensationalism

Not DU, but the American people.

[Sparkly]

4. I agree

but it seems the media doesn't want to devote time to oil dependency issues, healthcare, deficits, unemployment, etc... Not unless it's attached to sex, murder, or other mysterious "scandal."

[liberal N proud]

2. Bush is telling America that Kerry will cause oil prices to rise

I saw it in print earlier today, but can not find the link.
Anyone know where the link to the story where dubya says the if Kerry is elected he will cause oil prices to go up?

[canuckybee]

5. Seems to me it was just weeks ago

that experts were saying that if oil reached 50$ a barrel, it would spell doom for Bush.

[bigtree]

6. What $50 per barrel oil will mean to you.

Get ready for $50 oil
http://moneycentral.msn.com/content/invest/extra/P91349.asp

Supply is shaky as ever, demand is relentless and heating season just is around the corner. Here's what the daily march into record territory means at the gas pump and to the economy.

By Kim Khan

>>>>>
So what would such a whopping price for oil mean to your finances?


-Gas. Fuel prices would rise and put a further strain on household budgets.
-Inflation. High energy prices could spill over and put upward pressure on other consumer prices.
-Jobs. Companies concerned about runaway energy costs could refrain from hiring new workers.
-Interest rates. The Federal Reserve could raise rates at a faster pace to keep prices in check.

A full tank, an empty wallet
The most obvious place consumers feel the energy pinch is at the gas pump. Oddly enough, gas prices actually slid last week despite the recent run-up in crude. But don’t expect that disconnect to last forever. Historically, gas prices have tracked crude prices.

There’s more of a lag between oil cost and pump prices in the summer than in the winter. During the summer months, when crude inventories are rising, prices aren’t passed down to the retail level as quickly, Jacques Rousseau, oil analyst at Friedman, Billings, Ramsey told CNBC’s “Morning Call.” Instead, it’s the refiners that feel the pinch. In the winter, when inventories are drawn down, prices are passed on more quickly, Rousseau said.

No matter how quickly the cost is passed on, the fact remains that when consumers pay more at the pump, they have less to spend elsewhere. Gas at $2 a gallon costs a driver in a 15 mpg car driven 15,000 miles a year $500 more than gas at $1.50. A rule of thumb is that each $1 increase in the cost of crude adds 2.4 cents at the pump.


More:
http://moneycentral.msn.com/content/invest/extra/P91349.asp