Editorial: Save U.S. oil reserves for real emergencies - San Antonio Express-News - [Full Text] Turmoil in Venezuela, which provides 14 percent of fossil fuel imported by the United States, has translated to price increases at this nation's gas pumps.
Oil workers in the South American nation are part of a four-week national strike aimed at toppling embattled President Hugo Chávez.
This is yet another reminder of how dependent Americans are on foreign oil and, thus, how vulnerable they are to chaos abroad.
Fortunately, this nation can weather the Venezuelan crisis, thanks to supplies from other nations such as Mexico and Saudi Arabia. It also has the U.S. Strategic Petroleum Reserve.
Last year, when oil was $18 a barrel, compared with today's price of about $32, the Bush administration had the foresight to replenish the nation's reserves - stored in salt caverns beneath the coasts of Texas and Louisiana.
However, as the name implies, the 600 million barrels of reserves are for emergency use only. At the current rate of consumption, the oil stored would last about 70 days.
This is important to remember because last week U.S. Rep Billy Tauzin, R-La., asked the White House to release crude oil from the reserves to bring prices down.
Tauzin and other like-minded Americans must remember that this nation may need its stored fuel if it declares war against Iraq.
A few years ago, when President Clinton released stored fuel to help some northeastern states, his action was viewed as a political move to win votes for Vice President Al Gore.
President Bush would not want to appear to be acting for reasons other than a real national emergency.
This is not the first time that oil prices are high, nor will it be the last. Until there's a crisis, such as the Arab embargoes of the 1970s and the Persian Gulf War in the early 1990s, the president should not tap into the national reserves. [End]
12/30/2002