Well it should. We have been here before. It was June 16, 2000 that the Governor of Texas, the Republican candidate for President reacted to the run-up of energy costs and said, “We should I think the -- we need to be working with our friends in OPEC to make sure that the price of crude oil, which doesn't rise to continue to force the price of gasoline up, particularly as the summer season comes -- is upon us." What the Republicans called the lack of an energy policy was a central theme in their drive to take over the government in 2000. Four years later it is déjà vu all over again.

What is the Bush Administrations energy policy? Vice-President Cheney was in charge of the super-secret task force that produced it. The Bush Administration had been in office just 4 months when Cheney appeared on Meet The Press on May 20th 2001. He said, "Jawboning in the Oval Office or allegations of price gouging that aren't valid don't solve any problems," A week or so later Energy Secretary Abrahams told the New York Times, “We reject privately begging or publicly bashing to get more oil." Four years later we are reading the results on the receipts that the gas pumps spit out.

The War President continues to siphon oil out of the domestic supply and into the Strategic Petroleum Reserve. In the process he pours a million dollars a day of tax money into Big Oil’s pockets. The reserve is at a record high level and nearing capacity. The President, echoing the line proposed by the Cheney secret task force, says that the reserve should be kept for an immanent cut-off of supply and not to be tapped for what he calls short term price fluctuations.

The 2000 candidate became the 2004 incumbent and his energy policy seems simple enough – keep energy prices high and drill in Alaska while ridiculing any call for energy conservation, energy efficiency or paying attention to environmental concerns. Fight a war against terrorism and gaining control of the world’s second largest oil reserves as a fringe benefit. President Bush apparently has won the policy debate with Candidate Bush and America is paying for it.

Since May of 2000 the Bush White House has lost its jawbone. Oil stocks are soaring on the strength of near-record earnings reported by Big Oil. And, according to the Administration, all is well and our economic recovery is fueled by corporate profits and Big Oil is laughing all the way to the bank. It is an energy policy that America – or at least a part of it – can bank on. Until the credit card bills come due.