Posted on 05/17/2008 12:25:14 PM PDT by Libloather
US Congress moves to bring down oil prices
By Anwar Iqbal
WASHINGTON, May 14: The US Congress has voted overwhelmingly to prevent further rise in oil prices, ordering the government to stop depositing oil in a national reserve.
The Senate voted 97 to 1 on Tuesday to stop putting 70,000 barrels of oil a day in the Strategic Petroleum Reserve through the remainder of this year.
The House of Representatives later approved a similar bill by a 385 to 25 vote.
The move aims at bringing down the price by forcing more oil into the market. Speaker Nancy Pelosi said the measure could cause the prices to drop by 5 to 24 cents a gallon.
The White House strongly resisted the move, saying that it would have only a modest impact on the price while create security and market risks. National reserves guard against future supply disruptions. However, a White House spokesman told journalists that despite his reservations, President George W. Bush would not veto the bill.
In both the chambers, the Republicans also voted en masse for the measure, ignoring pleas from their own administration not to do so.
Political analysts noted that the public pressure is forcing politicians to take some action to bring down oil prices.
They noted that a White House veto in an election year could badly hurt the Republican Party, already criticised for leading America to an un-winnable war in Iraq.
Similarly, the lawmakers realise that the price hike has badly hurt their constituents, particularly those from lower and middle income American families.
President Bush, who no more has to run for an office, is urging consumers to change their habits if they want to bring down the gas prices.
“The truth of the matter is that in order for there to be a substantial change either the consumers have to change their habits -- which we’re encouraging through alternative tax of automobiles -- or there has to be an increase of supply,” he said in a recent interview.
Republican lawmakers have proposed investment in alternative energy as a long-term solution to the oil crisis.
The Democrats plan to present their own energy plan within weeks, which calls for new taxes on oil company profits to pay for alternative energy investment.
But the Republicans strongly oppose new taxes and can prevent its passage.
Some lawmakers -- both from Republican and Democratic parties -- have proposed reining in speculation in the oil markets, noting that speculative sales drive the prices up.
But Senate majority leader Harry Reid opposes the move.
A group of Democratic senators also sought to put pressure on Saudi Arabia. They are urging the kingdom to increase its oil production or face the possibility of the Congress blocking a pending arms deal.
Our politicians have been screwing around with the energy policy for 30 years. When they finally wake up and start doing the right thing it will take 30 years to get out of our current mess. It makes me feel sorry for our children. They will be the first generation in American history that will see things get worse.
The group of idiots we have in Congress and the 3 idiots we have running for President have shown me the light....better hunker down. I have no ‘hope’ for ‘change’ just more of the same.
We make too much money to have qualified for the stimulous but I have spent money lately on things I have never done before this year.....plant a garden, stock up on ammo, new security system, built a huge new pantry, stock up on staples that will keep as they come on sale, ready my house for less energy, and finally prepare our house for family entertainment for everyone.
I installed a back yard theater for all the family and friends. I bought tons of pool toys and games to keep the kids happy.
I have a really bad feeling about the future and what is coming. Our home will be a refuge to us, our family, and friends.
This is where a smart politician can make hay out of the Dems. Everybody knows that the government doesn't spend money on what they say they will spend it on.
So, why doesn't someone nail these lying liars with their "we want to steal more money from the sucker voters, while we pretend to fix the problem." charade? They want to take MORE MONEY and DO NOTHING!!!!! We are lost if the American people still vote for this line of bull.
I expect that there will be a terrorist attack that takes DC, Congress, and the POTUS with it, then the military will take over and start from scratch.
This time no quarter given to the enemy within.
Anybody know where this quote came from? I Googled for it and came up empty.
IMHO, President Bush did not say this.
Come on, you are not THAT lazy are you?
VIDEO Link go to 7 minutes 20 seconds in the clip.
President Bush... “The truth of the matter is that in order for there to be a substantial change either the consumers have to change their habits -- which we’re encouraging through alternative tax of automobiles -- or there has to be an increase of supply,” he said in a recent interview.
see post 46
70,000 barrels, 5 minutes supply. What will we do with all the extra gasoline?
One of the better columnists, I forget who, said today that you can forget any promises of smaller government.
His major point was that government is going to grow in the most accelerated manner you have ever seen; that the fight is not over whether government will grow, but over who will control it.
Meaning, of course, who will get to put his hand in the till.
This growth will occur because of the emphasis on global warming and alternative energy.
Who controls also controls the money.
Think about it. You are in politics, possibly about to be put in control of the biggest money stream in US history (DOD may be the exception), so are you going to blow the whistle and get your gravy train off the track?
Not if you are a politician. Only you, an honest person might.
That’s what happens when the children are in charge (regardless of party).
Universal suffrage is overrated. I’d restrict the vote to real property owners and business owners over 21. I’d make an exception for military vets over 18.
I wouldn’t try to discriminate on the basis of race or gender; the former bell shouldn’t be unrung, and the latter bell simply can’t be unrung.
That would be in line with what the Founders envisioned and what was in place for the first 150 years of the Republic.
When you let imbeciles vote, imbeciles get elected.
Of course race and gender should not be a factor, freeholders should be allowed to vote and veterans of any age as well.
Sadly the Founders advice was not heeded, and all hell is about to break loose sooner or later.
You are absolutely wrong. There is actual oil, in actual salt domes, actually belonging to the federal government. Many of them ar located in Louisiana.
They’re all idiots.
thanks
No prob.
Amen to that brother!!!! I heard the other day that gas could hit $8.00 or more a gallon. At least in part, food prices are going up because we are using our food for fuel....that’s nuts.
This makes me thank God He's in charge. It might not look like it but, He is.
I thought it was great irony.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.