By Justin Haskins, U.S. News and World Report:
During George W. Bush’s presidency, there was no end to the number of problems for which one man was considered responsible. Bush was blamed for the so-called struggling economy of the early 2000s (which compared to today looks like the “roaring” 1920s) and the stock market crash in October of 2008 (even though Democrats had controlled Congress since 2007). He was even blamed for the alleged global warming that caused Hurricane Katrina (even though manmade global warming is likely an elaborate fiction). If something went wrong from 2001 to 2008, Bush was to blame.
Now that President Barack Obama has made the White House his home for nearly six years, it’s hard to imagine that anyone could claim Bush is the cause of anything going on today, but that’s precisely the assertion I’m making here: Bush’s administration deserves the blame for the current reduction in oil prices.
After news broke that the Organization of the Petroleum Exporting Countries agreed at its meeting in Vienna on Thanksgiving to keep oil production steady at 30 million barrels per day, the price of oil again fell, this time to its lowest mark since 2009. It is currently hovering around $65 per barrel.
According to multiple market analysts, the surprising decision from OPEC to keep production steady, allowing prices to plummet even further, was driven by a desire to stop the United States’ growing domestic oil shale market. Domestic U.S. oil production has dramatically increased since 2009, going from 5.2 million barrels produced per day to 7.2 million in 2013, according to a 2014 Congressional Research Service report.
Despite claims from some Democrats that Obama deserves the credit for the oil boom, his administration has done nothing to earn such praise. In fact, Obama’s policies are stunting oil production and preventing billions of dollars of development and the creation of millions of jobs from occurring in order to appease his leftist base. …
[Published by U.S. News and World Report, read more here]