Bush’s ruinous economic plans

“There’s a growing consensus among experts that the most recent wave of oil price hikes is not mainly the result of market manipulation, refining bottlenecks, or the Iraq occupation but the harbinger of the long-predicted depletion of the world’s extractable oil reserves. With the huge populations of China, India, and other emergent economies joining the global consumer society, demand is simply outstripping supply.

“Bush’s program is essentially deeper and wider drilling, lubricated by friendly tax and environmental policies. His support for conservation or alternative energy sources is token at best. Last week three Bush Cabinet secretaries, just in time for the Republican National Convention, belatedly conceded that science has proven the reality of global climate change caused by carbon emissions. Bush said he was unaware of the report.”

Boston Globe