Five years ago today I wrote in this blog about gas prices hitting over $2/gallon, and the President's refusal to enact price controls (See Post). His excuse then - and it was good one - was that temporary measures like price controls wouldn't solve what was going to be a long-term problem. While I didn't expect him to seriously pursue any long-term solutions, I did appreciate his admitting that there was a problem.
May 2001 was, of course, before 9/11, before the war, before his "re-election," before Katrina, etc. The rise from $2 to $3 to nearly $4 in some places did not occur gradually over that time; most of that rise has been in the past year or less. And we're still waiting for Bush to come up with those long-term solutions that he promised five years ago today.
Or, maybe the long-term solution he was talking about in May 2001 was invading Iraq? Not to suggest a conspiracy or anything, but maybe?
Tags: gas prices, oil, Iraq, Bush