[mountainlion]

I think this is a poor reference to the “Queen Elizabeth II”. Drill here drill now and save the economy, except that they do not want to save the economy.

[backwoods-engineer]

I think this is a poor reference to the “Queen Elizabeth II”.

Maybe there's a metaphor there, but "QE2" in this context refers to the 2nd round of "quantitative easing" (translate: buying our own crappy debt) by the Fed.

[Former Proud Canadian]

The president could knock down the price of oil today if he wanted to. He could announce a comprehensive policy to produce as much energy as cheaply as possible, as quickly as possible. He could declare that the present spike in oil prices was a threat to national security and take the following steps.

1) Allow drilling everywhere. Alaska, in the continental US, and off all shores. Give tax insentives to companies who want to drill.

2) Loosen restrictions on coal production and announce a crash program to build half a dozen modern coal to oil plants.

3) Build a dozen nuclear power plants under federal auspices and lease them out.

4) Announce that, since these policies will result in energy prices falling, the US government would help the process by selling off some of the strategic petroleum reserve. The reserve will be topped off later when oil is cheaper.

That would be a start.