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Monday, August 29, 2005
...suggesting that we drill for more, decrease regulation, look into the designer fuel fiasco, or decrease taxes. Rep. Carolyn McCarthy, D-N.Y., asked the Bush administration Friday to urge OPEC nations to increase oil production to lower prices. Senate Minority Leader Harry Reid, D-Nev., and two other Democratic senators want the Federal Trade Commission to investigate possible market manipulations in areas where prices have risen more than 20 percent. They also want the FTC and other agencies to oversee the oil and gasoline markets to protect Americans from price gouging. Sen. Patrick Leahy, D-Vt., asked the Bush administration Friday to sell oil from the Strategic Petroleum Reserve to lower crude prices. Leahy noted in a letter that the Clinton administration sold 30 million barrels from the reserve in 2000, which led to oil falling by $6 a barrel and wholesale gas prices falling by 14 cents a gallon.
posted by Jack Mercer @ 8/29/2005 04:27:00 AM  
  • At 8/29/2005 04:58:00 PM, Blogger mochi said…

    Not sure I get the point. With an already stretching budget deficit how do you propose cutting taxes? The democratic proposals all seem like reasonable short term proposals. What are you suggesting?

  • At 8/29/2005 07:49:00 PM, Blogger Jack Mercer said…

    Hi Mochi,

    Just that the first proposal has never worked and was what elevated the first OPEC crisis to begin with.

    Second, they want to go after oil companies and investigate them for price gouging. With crude futures over $70 a barrel, this is ridiculous.

    Third, releasing from reserves is dangerous in today's geo-political clime. Leahy is the first to point out the hostility toward the U.S. from the oil-producing nations, so why tap into our reserves when we may need them?

    And yes, you gave the $100,000 answer! They are all short term and will have little or no impact on our long term problems. Political pandering and posturing at its best.

    Thanks for stopping by, Mochi.


  • At 8/31/2005 09:21:00 AM, Blogger Lightning Bug's Butt said…

    Fine point, Jack. ANWAR and a couple of caribou don't seem to damn precious now, do they?

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Miriam Webster defines Snipe as: to aim a carping or snide attack, or: to shoot at exposed individuals (as of an enemy's forces) from a usually concealed point of vantage.

Miriam Webster defines Snippet as: : a small part, piece, or thing; especially : a brief quotable passage.

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