Proof Democrats Are Idiots on Oil
Republican Senator Mitch McConnell made some interesting remarks on the Senate floor last Tuesday that tore apart the Democratic plan for oil bit by bit and I wanted to comment on them:
The proposal that the Democratic Leader outlined on gas prices last week falls laughably short. It has all the marks of a political exercise nervously cobbled together in the face of constituent pressure and none of the elements of a serious plan that would actually lower the price of gas or reduce our dependence on the Middle East. The Democrats will have to do better than this if Americans want to see their gas prices go down.
Here’s their plan.
First, they propose curbing speculation.
Democrats want us to forget that no reputable economist thinks speculators alone are the reason for the spike in gas prices. Or that a recent report by the 27-nation International Energy Agency chided politicians who blame speculators alone as searching for a scapegoat instead of looking real answers.
Blaming speculators alone is not a serious proposal for lowering the price of gas. We do need more cops on the beat at the CFTC. But if Democrats think that the answer to $4-plus a gallon gasoline is curbing speculation alone, then they’re obviously asking the wrong question.
Yes. In fact, the reason oil dropped so quickly last week - after all Bush did was lift the executive ban on drilling offshore - was partially thanks to speculators anticipating smaller prices.
Second, their plan calls on the President to release 10 percent of the oil contained in the Strategic Petroleum Reserve. It’s encouraging to see our friends on the other side acknowledging that increasing supply has an effect on price. But, at best, this is a polite nod in the direction of supply. It’s nibbling around the edges. Again, it’s timid.
Even if we were to tap 10 percent of the Strategic Petroleum Reserve, as they suggest, that would only allow for the release of 70 million barrels at a time when Americans are using more than 20 million barrels of oil a day. In other words, this is a three-day solution. And it should go without saying that a three-day supply of oil is not a serious proposal for lowering the price of gas.
So Democrats want to tap our Strategic Pretroleum Reserve - which is really an emergency reserve without all that much oil.
Remember, Democrats are the ones saying we can’t “drill our way out of this problem.” But they admit that more oil will help!
So they admit more supply helps but they don’t want to drill! Drilling is how we would get enough oil to make a difference! Did you notice my italic font!
They just want to regulate. They don’t want to solve the problem. They admit supply-side economics work here, but they don’t want the supply. Silly.
Finally, the Democrat plan says we should stop exporting oil that’s produced domestically.
Well that’s an interesting idea. Last year, America exported only 10 million barrels of crude oil overseas — including sales to Puerto Rico. Today alone, Americans will use more than 20 million barrels of oil. This is a half-day solution to a year-long problem. It is, in other words, a joke.
Hahahahaha! Stop exporting oil - that will fix it…for half a day! Because after all, we can’t drill for oil when there’s economic progress to be made! If this was a radio show I’d be SHOUTING!
To sum up: part of the Democrats’ solution to the oil problem is to admit there’s a supply problem, but deny that drilling will help things, and instead tap the strategic reserve for enough oil that lasts about a half a week, and to stop exporting, giving us oil enough for about half a day.
Ladies and gentlemen, your 2008 American Congress! No wonder their approval rating is so low.
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