Calling off the Reserves
President Bush has decided to deposit less into the national oil reserve this year now that prices at the pump are obviously on the rise:
Calling the oil issue a matter of national security, President Bush outlined a plan Tuesday to cut gasoline costs and temporarily stopped deposits to the U.S. Strategic Petroleum Reserve.
Bush is delaying this summer’s deposits to the reserve — an emergency stockpile of government-owned crude oil — as he faces political pressure from campaigning members of Congress and anger from consumers about high gas prices.
"So by deferring deposits until the fall, we’ll leave a little more oil on the market," Bush said during a speech in Washington at the Renewable Fuels Association, a trade group for the ethanol industry. "Every little bit helps." (Watch Bush tout his plan to cut gasoline prices — 3:29)
"Our addiction to oil is a matter of national security concern," Bush said.
However, oil experts said the impact of withholding deposits, while positive, will have a negligible impact on gas prices.
"It’s less than 30,000 barrels a day in a country that consumes 21 million. That’s not even rearranging a single deck chair on the Titanic," said Peter Beutel, president of the energy risk management firm Cameron Hanover. "But psychologically, it has some effect."
Ah yes, the national psychology - Rove’s bread-n-butter. Being honest, the GOP really only offers America two things, three if you count religious rhetoric, and that is economic priority and security. Well, they are failing at both with Bush Corp at the helm. 9-11 happened on Bush’s watch, and the ensuing War in Iraq has placed our soldiers in harm’s way. And gas prices have been high forever now, deficit spending is astronomical (coming from a surplus).
No wonder Bush’s approval rating is at an all-time low.
Perhaps the American People aren’t that retarded. We’ll see come mid-term election time.
This has been Andy D.
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