Posted By: ReefBreak @ 10/25/2008 12:28:46 PM
Comment: Steve,
I think you missed an important group of Bush supporters - as follows:
In 1999 - when Bush was being selected by the 'powers that be' to run for president, oil was trading for ~$10 / bbl. It costs about $7
to pump it out of the ground and transport it to a refinery here in the US. So profits were thin in the oil patch.
Bush's financial backers said "We'll finance your run for the Whitehouse, but you've GOT TO GET THE PRICE OF OIL UP!"
On that account, Bush has been the best in history at inflating that asset class. Just think in your life if you had an investment
that increased by a factor of 10-15 times in 8 years - would you be happy? YOU BETCHA !
Further, people of relatively modest means can own oil wells. There are many small drilling companies where you can put up $50,000 or more
and own a share of a $3-5 million syndication of a small group of wells - usually 5 - 10.
I have participated in these investments, and while i'm not a Bush supporter, I do think he has done a masterful job of increasing the
price of crude oil.
ReefBreak
In