On May O2, 2002, George W Bush flew on to the aircraft carrier USS Abraham Lincoln emboldened with a banner reading "Mission: Accomplished". Twenty days later, on May 22, he sealed the deal by signing an executive order decreeing all future Iraqi oil sales were to be conducted in dollars as opposed to the euro.
You see, Saddam, in November of 2000, decided he was going to sell the oil in his country for euros, not dollars. What that meant to the US is that we could no longer print up as many dollars as we needed to purchase his oil, but had to buy euros to make oil transactions. Which means our dollars had to be worth something, since we went of the gold standard in 1972. We have nothing to export, all our hard goods are made in China or some third world country.
So defense contractors, such as Westinghouse (which owns CBS) and General Electric (which owns NBC) were given lots of money for munitions to blow the fuck out of Iraq. Shock and Awe. Then billions went to Dick Cheney's company Halliburton to rebuild the country we just blew the piss out of. All of these companies are big Republican party donors.
Now it came to reward W's oil company buddies. And boy have they been rewarded. One oil behemoth just posted record profits for this last quarter. This means that when they jacked up oil prices following the aftermath of Hurricane Katrina, that they hadn't paid more money for the oil, they knew that they had the American idiot over an oil barrel and could pretty much charge whatever they wanted with out impunity as their man was in the White House and you just know he's not going to do anything about it. Yes, because we have to drive anywhere we need to go, we must bend over and grab our ankles while they supply the petroleum jelly.
Sen. Bill Frist has said he plans to look into this, but my cynical mind thinks that his response is just a deflection from charges against him. It probably is just a shakedown attempt designed to fill Republican coffers for the coming 2006 elections.