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Editorial: Petroleum reserve strategy flawed
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Congress has taken an ineffectual step toward curbing gasoline prices. This week it directed President Bush to suspend filling the Strategic Petroleum Reserve. That the gesture was pure public relations is evidence by the lopsided vote, 97-1 in the Senate and 385-25 in the House. Bush opposed the legislation, but he’s not running for reelection and the lawmakers are and they’re under pressure to do something, anything, about gasoline prices even if it’s almost wholly symbolic, as this is.
Given $4 a gallon gasoline, the administration estimates savings of 5 cents a gallon at most. The Democrats claim a savings of 24 cents. And those savings could be quickly gobbled up by further price increases.
As energy policy, the vote on the SPR doesn’t mean much, but the number of Republicans willing to desert the president speaks volumes about his fast declining clout with Congress.
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What strikes me is WHEN the President decided to fill up the oil reserves. He waited untill the price of oil doubled. He has no energy policy that he would share with us other than attacking Iraq.
The price of oil has risen 350% since he attacked Iraq.
Was the Bush/Cheney energy policy to drive up the price of oil to curb our use of it?
#1 Posted by bossman1 on May 16, 2008 at 5:41 a.m. (Suggest removal)
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