Obama sure imported too much oil with the stimulus

A reminder. that little peak in oil imports in 2010, cash to Arab dictators and a drain on current accounts, was the work of Obama and the Keynesian math challenged.  If you all recall, Obama drove up the price of oil and we had a mini-crash about that time.

Now we have Kevin Drum begging for a repeat, and Berkely professors support this nonesene with oil now at $110 per barrel?  Isn''t this what got us into trouble in mid 2008, too much Bush stimulus driving up oil imports?

Has anyone noticed that the financial crisis committe when looking at 22 potential causes of the crash conveniently left out the oil price peak which occured exactly at the crash point?  This is the delusional thinking that comes from Keynesian worship, the idea of skipping the  obvious for fear the Great Exogenous might suffer embarrassment.  I should remind Kevin that his policy ran up another $300 billion in debt service, due from the very poor lining the streeets of LA.

How long did Krugman insist, after the crash,  that we had surplus oil, needing to be used with stimulus?  A wierd philosophy from an economist who just prior to the crash was warning us of oil shortages.  Is the contradictory nonsense worth the worship?  People, we import this stuff, it is not a surplus laying around the nation.

Let me helpd out my readers with a chart from Econobrowser.:

Event Date Lost output
Suez Crisis Nov 1956 10%
OPEC embargo Nov 1973 7.5%
Iranian revolution Nov 1978 7%
Iran-Iraq War Oct 1980 6%
Persian Gulf War I Aug 1990 9%
Venezuela and Persian Gulf War II Dec 2002 4%

This is a list of oil disruptions and the subsequent drop in GDP that resulted.  This chart was disallowed by the financial crisis committee.  But Jim collets the data, and thank him for it.  Yglesias do you get it?  Oil is imported, when we waste it, we crash, people become unemployed.   Even Brad will admit that Keynesian policies do not work under shortages of essential goods.  Where is the Drum/Yglesias evidence that more oil consumption by central government helps the unemployment problem?  How does Krugman think the Congress can figure out some wedge between a sligtly less oil shortage in a recession and a severe shortages in post recession?  How does Ray LaHood running around with Choo Choo scams during elections help?