It's bad for Bush because the public will develop an unfavorable opinon
of any politician leading the country when energy prices
go way up. While Bush isn't going to stand for reelection in 2008
(unless somebody amends the Constitution to declare him "Emperor"), the
Repubs will be counting on him to stump for
RW candidates in the mid-terms next year. I imagine that many Repubs
are nervous about eroding public confidence in GWB.

It's bad for the US because increased energy prices stimulate
inflation, usually followed by restrictive monetary policy, increased
government deficits, etc.

It's bad for boating for obvious reasons. I spoke to a broker friend
yesterday who reported he literally can't (almost) give away a nice
boat with twin 454's. "People ask me how much gas it burns, I tell them
about 50 gallons an hour, they start multiplying by $3 a gallon and
they're gone, gone, gone." Family budgets stretched farther than ever
to purchase gasoline for family cars and to pay for home heating oil
have fewer "left over" dollars for something expendable- llike a boat.