Tuesday, May 13, 2008
But this is madness!
No! This. Is. WASHINGTON DC!
Let me get this straight: at a time when oil prices are surging, the mideast remains about as stable as Britney Spears at a custody hearing, and hurricane season is around the corner, the Senate votes 97-1 to stop putting oil into the Strategic Petroleum Reserve.
This is sort of like saying, "well, I may get laid off into the start of a recession pretty soon, so let's blow the savings on a trip to Vegas before I need that money to spend on rent and groceries."
You could argue--wrongly, I think, but honestly--that we ought to be using the SPR to buffer a short-term spike in prices. Otherwise, this is rank foolishness. Yes, buying 70k barrels a day at $120 is expensive, but it will be a lot more expensive when it's $150, which I won't be surprised to see before the election. The whole point of the SPR is to be there as a strategic reserve, in case the excrement really hits the impeller. Granted, the SPR is 97% full, so stockpiling another two days' worth of imports probably won't make that much difference, but it's the thought that counts. As is usually the case, any bill of substance that gets 97 votes is probably a bad idea. ¶ 10:19 AM
No! This. Is. WASHINGTON DC!
Let me get this straight: at a time when oil prices are surging, the mideast remains about as stable as Britney Spears at a custody hearing, and hurricane season is around the corner, the Senate votes 97-1 to stop putting oil into the Strategic Petroleum Reserve.
This is sort of like saying, "well, I may get laid off into the start of a recession pretty soon, so let's blow the savings on a trip to Vegas before I need that money to spend on rent and groceries."
You could argue--wrongly, I think, but honestly--that we ought to be using the SPR to buffer a short-term spike in prices. Otherwise, this is rank foolishness. Yes, buying 70k barrels a day at $120 is expensive, but it will be a lot more expensive when it's $150, which I won't be surprised to see before the election. The whole point of the SPR is to be there as a strategic reserve, in case the excrement really hits the impeller. Granted, the SPR is 97% full, so stockpiling another two days' worth of imports probably won't make that much difference, but it's the thought that counts. As is usually the case, any bill of substance that gets 97 votes is probably a bad idea. ¶ 10:19 AM
Comments:
<< Home
Those were my thoughts exactly. It's this kind of jittery reaction that kills good investment practice. Who thinks the price of oil is coming down anytime soon?
Post a Comment
<< Home
