Tricky Dick Cheney misses the boat on oil prices and reality
Vice President Cheney, not known for holding personal reality checks as often as he probably should, said today that oil prices are tied to supply and demand. Cheney did not address the fact that the price of a barrel of oil was totally and completely separated from the price of a gallon of gas at the pump. That separation took place last summer. When prices first rose above $3 per gallon the Chinese were blamed, saying they were developing, thus using much more oil.
Crude oil prices in excess of $100 a barrel reflect the reality in the market place, U.S. Vice President Dick Cheney said on Monday. Chaney said a closer balance between supply and demand, coupled with a declining dollar, “reflects primarily the realities in the marketplace.” Analysts remind people that the dollar is declining because the mortgage crisis spread around the world. At first nobody really knew who held contaminated paper.
According to one website – oilexcuses.com – people in the United States received more shallow ridiculous reasons for increasing oil prices over the last three years than most people realize. Now consider the mortgage crisis. There is more finger pointing, combined with another mountain of excuses and denials. What Cheney really should have said was it does not bother him, he will make more money, and the average American should consider is as a reality check. Adapt, adjust, and get over it. That is easy for Cheney to say, but a real recession requires government help, not excuses and denial.