One of these days, President Bush is going to wake up and realize he has been one of the worst Presidents in history. His response to rising gas prices is just another example of failing to grasp the issues. Cutting additions to the oil reserves sounds wonderful but does nothing to address the real factors affecting rising prices. Number one on the list would be speculation over future prices. Bush’s “policeman of the world” approach to foreign policy is one of the prime causes of rising prices. The more he threatens to huff and puff and blow Iran’s doors down, the more prices will continue to rise. We are already paying higher prices due to the Iraq debacle.
The following steps would actually address the rising price issue without interventionist government price controls which are always detrimental in the long run.

• Index the taxes on gasoline to the market price, keeping tax revenue flat.
• Acknowledge cultural difference in a world economy instead of beating nations over the head with a big stick.
• Understand that market-driven rising prices will lead to conservation and more fuel efficient vehicles. Reduced dependence on foreign oil will result.