But profits and profit margins can also drop sharply when supplies are plentiful, as they were in 1999. OK, they've got the math on their side. And people aren't happy. Democrats are already reminding people of the prosperity of the Clinton years. It doesn't matter that the economy hit the skids last year.
Perception becomes reality.
And Bush needs to call his oil buddies into the Oval Office, look them in the eye and give them one simple message. Keep energy prices down, or you're going to see a Democratic Congress next year. And, believe me, you don't want that.