Posted by: McQ on Friday, March 14, 2008 I swear, politicians today act like headless chickens running away from the stump not realizing they've lost their heads. It seems, for some reason, to closely coincide with election years. With skyrocketing crude oil and gasoline prices battering the economy, Sen. Jay Rockefeller is calling on the Bush administration to tap into the nation's 700-million barrel Strategic Petroleum Reserve.Where to start? OK Jay, let's pump out 100 million barrels "for the people" shall we? That's what, a week's worth of fuel (CIA Factbook says we import 13.15 bbl/day (2004))? So that goes in the pipeline and lessens our imports for that week, right? Do you imagine that with the competition and speculation which has driven oil prices to this new high that the oil will go unsold? So what's the net result, Senator? A big nada. "The people" may be able to save 20 cents a gallon for a couple of days before the pricing goes back up to its former level (if not higher). But then we're down a 100 million barrels in what is supposed to be a "strategic reserve". And the purpose of that reserve? President Gerald Ford declared a policy to build a reserve of up to 1 billion barrels of petroleum as an insurance policy for future supply cutoffs and severe disruptions in the oil market.Now as far as I'm aware, we've suffered no cuttoff and no "severe disruption" is evident. Just high prices. No supply problems, no availability problems, just don't want to pay that much. So we get this wing-flapping appeal to tap the petroleum reserve ostensibly to show Rockefeller (and the Dems) 'cares' and can feel our pain. How freakin' Clintonesqe. An empty gesture that will have no lasting effect but will deplete the strategic reserve, and eventually, have to be replaced at an even higher price. Any guess whose pockets will be tapped to refill that reserve? Well it won't be Jay Rockefeller's. UPDATE: Hillary Clinton is heard from: The New York senator called on Bush to impose a one-year moratorium on additions to the Strategic Petroleum Reserve, saying such a policy makes no sense in a time of high prices.Right, because, you know, there's no possibility of a cutoff or severe disruption in oil supplies with prices this high, is there? Oh, and I loved this quote: "I will not be a president who holds hands with the Saudis," she said.Heh ... I think she can take that one to the bank. |
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