Monday, August 04, 2008

A conundrum

If drilling in our own backyard isn’t the answer to the current issue with high oil and gas prices, then why is pilfering the strategic oil reserves the solution?

This is the same trick that Al Gore tried (unsuccessfully) to play in 2000 when oil prices spiked and he talked BC into releasing oil from the strategic reserves (intended to provide oil during shortages in supply in times of crisis, not intervene in market pricing). 

We’re still paying for that election year ploy.

GWB at least ordered that we stop refilling the reserves a little while back.  That won’t hurt us strategically as much as actually taking steps backward would—eventually we’ll have to refill whatever we release onto the market.

But Obama (or, Dr. No Drilling as the elder senator refers to him) has decided that not only should we stop filling and drilling, but also release some of the reserves.  So, we’re going to draw down on the strategic oil reserves to bolster short term supply, AND do nothing to bolster long term supply to replace that oil.

 

Brilliant, really.

 

ADDENDUM:  I heard one second hand comment that the Junior Senator may be willing to allow offshore drilling…  haven’t tried to confirm that, but if it’s true you have to ask what’s caused the sudden change of heart.  Is it “me too” politics, and why the ongoing opposition in the face of rising sentiment to go ahead a drill on our own shores rather than outsourcing the drilling to others?  Sure, McCain voted to uphold the ban before coming out in support of drilling, but when McCain was saying to drill, and the President was lifting the executive order, Obama was still digging in his heels and saying “no”.  Sort of speaks to that “judgment” thing.

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