Desperation

The Bush-Cheney team, increasingly feeling unnerved by the sneaking suspicion that they're about to lose their grip on this Presidency, is pulling out all the stops. We remember that in April, Bob Woodward reported in his "Plan of Attack" book that Prince Bandar (aka "Bandar Bush," if you saw Fahrenheit 9/11) promised the President that the Saudis would increase oil production in October to prop up the US economy on the eve of the election. Well, I guess they decided to do it early:

RIYADH — Saudi Arabia sought to soothe oil markets Wednesday by saying it could immediately pump an extra 1.3-million barrels of oil a day, though traders said the comments would not have a huge impact.

Saudi Oil Minister Ali Naimi said the world's largest producer was “prepared to meet all the requirements of the international oil companies if they need additional volumes, relying on the surplus production capacity of more than 1.3-million barrels daily, which could be used immediately if required,” the official Saudi Press Agency reported.

Hey, I wonder if this lowered oil prices any...

By midday Wednesday, prices were down 57 cents at $43.95 in Nymex trading.

Wow!

Kerry economic advisor Gene Sperling knocked this one right out of the park, leaving it to pundits to speculate about the "dirty tricks" aspect of this announcement, and preferring to discuss our continued reliance on foreign oil, and the rise in the "uncertainty premium" in the price of oil (extra mnoney that is added due to uncertainty in the Middle East region) that could be reduced by a more stable foreign policy. And these are the right things to say. But first the "July surprise" of capturing a high-value terrorist target during the Democratic Convention comes true, and now this. That's the work of a desperate incumbent, trying anything and everything to forestall the inevitable.