Wednesday, November 01, 2006

King Bush Manipulating Oil Prices?

A little over a month ago I posted this chart (via USA Today) tracking Bush's approval ratings and gas prices. Here are some more links that raise the question of whether Bush, spearheaded by his croney and Goldan Sachs honcho Hank Paulson, is manipulating gas prices.

Friends in High Places

Approval at the Pump

Average Joe getting suspicious

CBS News joins the fray

U.S. News Wonders Why

Econobrowser on the Conspiracy

New York Times on Goldman's interest in manipulation

For those who don't subscribe to the Times

What does this all mean for us traders? Politics aside, if there is truth to this theory, it probably means my recent post about becoming an energy bull was a little early. I don't think the resistance levels I pointed out will break in the near future. If I were long oil, I would not enter until energy stocks break out over those major resistance levels.

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