Yesterday, President Bush was in Israel, and equated speaking with Iran with "the false comfort of appeasement." Today in Saudi Arabia, Bush will likely fail (UPDATE: has failed) to persuade the kingdom to pump more oil and help lower gas prices.
The events are related.
Bush's saber-rattling with Iran raises concerns of war and more disruption of oil supplies, which prompts speculators to raise prices.
And while Bush ran for president in 2000 with the promise to lower gas prices by "Us[ing] the capital that my administration will earn, with the Kuwaitis or the Saudis, and convince them to open up the spigot." That was when crude oil was at $30 a barrel. Today it's at $128.
That's in part because Bush's failed foreign policy has depleted our political capital with the Saudis.
Continued...
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