QUOTE(RyaNRiza @ May 3 2008, 08:50 PM)

I think that you're not taking into account that the per barrel price of oil is not really set by the government but by stock traders. The people who are pushing up the price are those who are predicting that the price of oil will continue to rise. The Oil and Fuel industry is content to accept these record prices because they're fat cat businessmen. They posted record profits this year, why? because we need fuel to do anything in this country. Fuel for shipping, fuel for travel, fuel for everyday life. I'm not saying that politicians are innocent, because hey, they're politicians, but there's more than just the folks in washington making this mess. The economy is in a slowdown because the mortgage industry made a lot of huge mistakes, consumer confidence is eroded, the rising oil prices are pushing up the costs of everything else dependent upon oil, and we are not making as many luxury purchases which winds up hurting those employed by businesses that cater to the luxury/entertainment sales.
The Airline industry has been pummeled since 2001. I know of at least 2 airlines that have shut their doors, i can also think of at least 2 mergers that are being done to make it easier for them to continue doing business. With so many planes being forced to undergo maintenance, the airlines are seeing a shortfall in earnings until all of their flights are back on schedule. You don't think that they're going to try to make up the difference somewhere?
What can any one politician do to impact so many things?
The price of oil since the year 2000 is more due to inflation than anything Bush, OPEC, etc have done to directly affect the price of oil.
The cost of oil in dollars since Bush took office has gone up around 350%+, however the price of oil in terms of gold since Bush took office has only gone up around 30-40%. That 30% price increase represents actual oil value increases, the other 370% is nothing more than inflation. With the dollar devalued by inflation, it takes more dollars to buy the same amount of oil.
This means that if our currency was backed by a gold standard rather than an inflation inducing central bank fiat system, we'd still be paying around $1.50 per gallon, or $28 dollars per barrel of oil.
Bush is largely at fault for this by irresponsibly pushing this war machine with no regard to the cost, creating dramatic over spending and fueling inflation even further.
If we ended this war and pulled our military back home, we could abolish the income tax and still have a surplus rather than our current defecit. This would do a great deal to fix our inflation problem. Instead it looks like our foreign military operations will be expanded before they are retracted.
You'll never see this bullish oil trend reverse unless something is done to put a cap on inflation. As things are now, expect 200 dollar per barrel oil in the next 3 years. That translates to $7-10 per gallon.