How Foreign Policy Affects Gas Prices

by Rep Ron Paul

We’ve heard how the value of the dollar affects gas prices – and indeed the price of everything.  I was pleased that my request for a hearing on such was granted by the Financial Services committee and we were able to hear some very informative testimony.  Certainly domestic policies, regarding off-shore oil drilling bans, ethanol mandates, refining capacity, and CAFE standards are interventionist and harmful enough in the energy market.

But how does foreign policy affect gas prices?  One important factor is that oil on the world market has been priced in dollars exclusively since 1973.  Only two leaders have gone against this arrangement – Saddam Hussein in 2000 and more recently Mahmoud Ahmadinejad with the recently opened Iranian Oil Bourse which trades in non-dollar currencies. 

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Constitutional Hypocrisy

by Pudge

Today in the same breath someone, to me, attacked Bush for violating the Constitution, and not supporting Social Security enough.

Apart from the fact that the “raiding” of Social Security actually makes the S.S. Trust Fund more solvent and is a good investment (as it is guaranteed safe by the Constitution, and earns interest), and apart from the fact that Congress controls that more than Bush (and that it has continued under the Democrats) … there’s also the fact that Social Security is an unconstitutional violation of our rights, as per the Tenth Amendment.

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