Another George W. Bush legacy: $150 oil


What's another legacy, in addition to massive income inequality, of President George W. Bush? Try $150-per-barrel oil.

Here's why: Despite rising demand for gasoline, the Bush administration did nothing to increase the Corporate Average Fuel Economy mandate. Their policy was to let the market determine which vehicles Americans want to drive. The result? Detroit built gas-guzzling SUVs with little eye on the future, all but guaranteeing a domestic auto manufacturing base unprepared for the next rise in oil and gasoline prices. That era arrived in 2008, when gasoline bills soared, disposable incomes plunged, and the economy, already stalled by the financial crisis and housing bust, slumped further.

Originally published