You go and prove why they’re so low!
Pelosi (D-Calif.) announced to Democratic leaders Tuesday night that she has written a letter to President Bush, urging him to release a “small” amount of oil from the government stockpile to increase supply and decrease prices, a leadership aide said.
In the letter, Pelosi said the price of a barrel of oil has risen nearly five-fold during Bush’s tenure and called the effects “devastating.”
“These are the kind of circumstances, in addition to national security, in which utilization of the Strategic Petroleum Reserve is more than justified,” Pelosi wrote in the letter, dated Tuesday.
The reserve comprises a series of Gulf Coast salt caverns that house the largest emergency oil stockpile in the world. It currently holds 706 million barrels, about 97 percent of the reserve’s 727 million barrel capacity. That’s the most the reserve has ever held and would replace foreign supplies for about 58 days.
Let us explore all the reasons this is an asinine statement. First off, what effect do you think introducing a small amount of oil into the current supply will be Nancy? Here’s a hint; pay attention to the word “small”. Second, what will happen to the price of gas once we replace the oil that was taken out of the reserve? Another hint; what happens when the demand for a product goes up, but supply doesn’t? Lastly, why bother putting any more oil into circulation at all? I though you told us it was the oil companies’ fault that gas prices were so high, not the laws of supply and demand? Have you made your position a bit more nuanced? Or did you finally get a grasp on basic economics?
Effin’ idiots.
