Did Former Pres. Bush Create An Oil Crisis In 1999 To Get His Son Elected?

[moderateindependent]

Immediately after former President George H. W. Bush visited Saudi Arabia in 1998, the Saudis slashed production, sending oil prices up over 225%, oil company profits up over 33,000% (this is not a typo, we mean 33,000%,) and creating a crisis that moved to the forefront of the 2000 Presidential Election, helping his son George W. Bush get elected.

"Former US President Bush... arrived in Kuwait on Tuesday for a two-day visit. Bush will hold talks... with high-ranking state officials on regional and international issues... Earlier in the morning Bush concluded a five-day visit to Saudi Arabia, during which he met with King Fahd Bin Abdul Aziz and Crown Prince Abdullah."

So read the story in the Arabic News on December 12, 1998.

Oil prices were at the ultra-low price of $9.70 per barrel at this time. The American economy was coasting along, and no energy shortage was in sight.

A few months later, in March of 1999, Saudi Arabia led a meeting in the Hague of OPEC nations and formed an agreement to slash production. Soon after, oil prices began to rise, jumping up to $12.75 per barrel by mid-march for April selling, and by mid May, oil prices had almost doubled, reaching $16.5 per barrel.

Already by April of 1999, the increase was starting to hit consumers' pocketbooks.

"The price of gasoline in the United States has been creeping up in recent weeks and, according to the government, could rise even more by summer," CNN reported on April 9, 1999. Another CNN article on June 27, 1999 reported that the reason gas prices were rising was "because of oil production cutbacks."

By this they meant the oil production cutbacks the Saudis and other OPEC nations undertook almost immediately after meeting with former President Bush, whose son, as luck would have it, was just on the verge on launching a run for the White House.

By the time the 2000 election rolled around, oil prices were a full-fledged issue and provided just enough of a drag on the economy to put a little doubt into people's minds about whether or not things would continue as well as they had for the rest of Clinton's time in office. Battles over whether or not to use the strategic oil reserves became hot issues and were used to dent Al Gore's election bid, and Clinton/Gore's inability to stem the drastic rise in oil prices that occurred following former President Bush's visit, for no publicly announced reason, with the heads of state of the OPEC nations, allowed just enough of an opening for his son, George W. Bush, to have a chance at getting into the White House.

It all began with some very unhappy oil people but a very happy American economy. The price of oil was $9.70 a barrel. Then former President George H. W. Bush visited the allies he had from back in the Gulf War, the king of Saudi Arabia and other mid-east oil nation heads of state.

Rest of story continued at http://www.moderateindependent.com/v1i18hwbush.htm

[OldCurmudgeon]

1. it required persuasion?

I think a 33,000% increase in profit is plenty of motivation for SA to reduce production, it doesn't require any Bush arm-twisting at all.

The trip was more likely concerned with kissing butt and raising cash.

[FloridaPat]

2. There was always the runor that Reagan negotiated with Iran

to hold the hostages until after the election to defeat Carter. And since the kid brother stole Florida for him, that does make an interesting suggestion. I also think they got to Greenspan too. Between the gas prices and the interest rate hikes, the economy didn't stand a chance.

[baby_bear]

3. That was just a rumor?

I was under the impression that it was known fact.
Something to do with a meeting in Paris...Casey and Bush on Reagan's behalf...illegal negotiations with a foreign government. And it all got swept under the rug.


s_m

[Turbineguy]

4. An interesting idea

but it assumes intelligence not in evidence. These guys just aren't that smart. I mean look at these PNAC guys, they actually listed their own names!

Bush was put there by a variety of people who thought it would be in their personal best interest to have him there.

As long as he serves that interest, he can stay. If they finally figure out that he's bad for PR, he's gone. Those dupes who actually voted for him are useful idiots, nothing more. Fortunately, everyday, it seems more of those useful idiots are rebelling. Maybe Faux News worst nightmare may yet come true and people will actually decide for themselves.

These clever conspiracies hold no water for me.

Those of us who want Bush out do so with our own our best interest interest in mind (i.e. the future of the country and world, the economic future of our grand children, our children yet to be slaughtered in Bush's wars, even our own immediate selfish desire not to be left homeless, etc.).