Bush, Saudis, and Oil Companies Raising Gas Prices

The cozy special relationship that exists between George W. Bush, and Prince Bandhar Bush has created a problem for the US economy, because gas prices have doubled in many areas since last year. Bush and his oil buddies who poured millions into his campaign can hardly count all their profits as gas has climbed to about $67. per barrel, and American consumers are ripped off by the price gouging.

Following the death of King Fahd in Saudi Arabia, George Bush Sr., Vice President Cheney, and Colin Powell took a trip to Riyadh to pay their respects to Saudi Oil King Abdullah. With all the terrorism in Iraq constantly destroying the Bush Administration’s plan to exploit the Iraqi oil fields, the Administration had no choice, but to try to revive the special relationship with the Saudis.

In April of 2005 President Bush met with Crown Prince Abdullah at his Crawford ranch to supposedly discuss a Saudi increase in production. The price of gas has continued to sky rocket since those meeting to the point where many consumers in California are now paying about 3.00 per gallon of gas in San Francisco, and Los Angeles. The
price increases are already adversely effecting consumers who have to commute a lot to work.

The multinational oil companies are reporting massive increases in profits, since Bush agreed to go along with the massive price increases with Prince Abdullah. BP recently reported a 26 percent rise in annual profits to $16.2 billion according to BBC, because of all the price increases upon consumers. Shell’s profits recently sky rocketed
to $17.5 billion, and Exxon reported a 32 percent increase in profits to $7.6 billion more than last year. Conoco Phillips has also benefitted from the price gouging by reporting a 56 percent increase in profits–an increase of $3 billion.

The Bush Administration’s special relationship with the Saudis, and the oil multinational corporations appears to be benefitting both at the expense of the US consumer. The higher oil prices will adversely effect the trucking industry, travel industry, and consumer products will increase in price, because of inflation.

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