I guess it really isn’t fair to attach this solely to the Bush administration. You’d have to also consider general republican ideology, a spineless democratic majority and a citizenry peppered with idiocy.

Oil Hits Record $102 As Dollar Tumbles

SINGAPORE (AP) — Oil prices broke through a new intraday high of $102 a barrel Wednesday as a slide in the U.S. dollar prompted investors to pump more money into energy futures as a hedge against inflation.

The dollar sank to a record low against the euro after the release of three disheartening U.S. economic reports Tuesday that show that the economy is slowing as prices for consumer goods rise. The dollar’s decline prompted investors to seek a safe haven from turmoil in the financial markets and the threat of inflation. [...]

“The U.S. dollar weakened against the euro and the economic data also indicated that inflation in the U.S. rose in January, and commodities are generally considered a hedge against inflation,” Shum said. “We are therefore seeing these strong prices that have really little to do with oil market fundamentals.”