Wednesday, May 21, 2008

New Oil Policy: Blame Oil Executives, Sue OPEC

The price of oil continues to climb -- over $134/barrel today -- and how high is any one's guess. Some suggest $200 in the not-too-distant future.

So our elected leaders, after over thirty years of anti-self-sourcing oil policies, are busy on Capital Hill questioning the oil executives of American oil companies and passing a House bill to bring a lawsuit against OPEC members because they have collectively set the price of oil and limited oil supplies. The 324 yea / 84 ney margin is veto proof. The Senate still needs to act; and thinking the Senate will do the right thing and not do this or vote this down, is wishful thinking. This right on the heals of an idiotic Farm Bill, laden with subsidized and inefficient Ethanol production.

House Speaker Nancy Pelosi summed up the majority of our politicians' current thinking on energy by hailing the vote as a way to "hold foreign oil cartels and Big Oil accountable."

If the U.S. can demand that foreign oil producers increase their output, what’s to stop them from demanding that we produce more of what they want?

Oil prices could go down immediately if we created a self-serving energy policy that allows us to exploit our own natural resources -- Gulf of Mexico, Florida's coast, California's coast, Colorado/Utah/BLM's oil shale and tar sands, Alaska's ANWR, etc.

All three presidential candidates are weak-kneed and economically inept. They all want more oil...but from somewhere else. A quote from the leading candidate:
"We can't drive our SUVs and eat as much as we want and keep our homes on 72 degrees at all times . . . and then just expect that other countries are going to say OK. That's not leadership. That's not going to happen."
Yea, that's not leadership, that's just stupidity.

BTW, if you go to Singapore, bring your jacket; not for the weather outside (90 degrees F every day) but for indoors where the A/C keeps the rooms (restaurants, hotel, government facilities) at a nice 68 degrees F.

The American people and our nation is being poorly served by our Congress and our White House.

It is time to say that the election in November will based on the "its about energy, stupid" theme.

1 comment:

Christian Conservative said...

The way I see it, inflated oil prices are a product of 2 things.... 1) supply and demand of a finite resource 2) depreciation of the dollar. As far as the latter goes, our famed American Dollar is, being a fiat currency, finally being sold into oblivion as it so deserves, bringing inflationary pressures to everything from oil to foodstuffs. As far as supply and demand are concerned, until Americans suffer enough at the pump to finally start cutting back, they deserve to pay for they're excesses at the pump and everywhere else.