Friday, July 04, 2008

While we're on the subject of Oil

And oil prices...

Buy, buy, buy and drill, drill, drill!:

It’s unfortunate the administration doesn’t seem ready to back this strong rhetoric with some old-fashioned intervention. The Treasury has the authority to buy dollars and sell euros in the open market. Better yet, it can coordinate these efforts with Jean Claude Trichet of the European Central Bank. President Bush and Treasury man Paulson also are forgetting the key word: “appreciate.” As in appreciate the dollar. That would be a head turner on Wall Street and on global foreign-exchange markets.

Meanwhile the ECB is raising interest rates which will appreciate the currency against the dollar, and you guessed it, more likely than not boost the price of oil.

Is anybody in D.C. paying attention...?

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