Pelosi Pushes Petroleum Preserve Plundering; Pleases Pundits, Perturbs President
Pelosi says, “Today, the price of oil per barrel dropped $6.44 in one day–the second highest one-day drop in history–when the Federal Reserve Chairman predicted lower U.S. oil consumption. The biggest drop in history came 17 years ago, when President George H.W. Bush released oil from the Strategic Petroleum Reserve in 1991 and the price per barrel dropped 34 percent in one day.”
Which of course plays into instant desires of a public who are paying $4 to $5 a gallon nationwide.
The current President Bush, however, argues that there’s no need to get oil out of the reserve, which he stopped filling in May due to Congressional pressure, because it is only to be used in an emergency, which the country is not facing. High gasoline prices, while an inconvenience, have not greatly reduced American energy consumption, and there has been no major disruption to supply.
So unless Venezuela decides to cut us off from our supply, it looks like those 706 million barrels are staying put.
–Stephen Payne, Editor, Oil and Gas Investor This Week; www.OilandGasInvestor.com; spayne@hartenergy.com
You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
July 17th, 2008 at 10:53 am
I think we can continue to blame it all on speculators…
July 21st, 2008 at 4:10 pm
Well, it certainly is the easiest thing to do.