In the spring we had spiking petroleum prices. But since then, between world events have driven prices down. Indeed, OPEC is down at production levels not seen since 1990, striving to boost prices back up again.
You’d think this would be a great time to beef up the Strategic Petroleum Reserve. And, at long last (and just as OPEC is finally getting closer to deciding on how to get prices rising again), the Bush Administration has finally decided that … yeah, I guess this would be a great time.
Not that the Bushies like the SPR — releasing from it is a “distortion” of the market, anathema to the President and his oil cronies. But I guess that, in war time, certain sacrifices must (or might need to) be made.
Especially if there’s possibility of more conflict, closer to the oil sources.
Of course, the Adminstration could not talk about energy policy without flogging their proposal to drill in ANWR, despite the relative pittance of the US overall petroleum needs such drilling would provide.
(Via InstaPundit)