|
Oil and fear - a combustible mix
Basra. Chavez. Yukos. Fear. That line of type, in a nutshell, is what propelled oil prices above $45 a barrel Thursday. That's nowhere near the $80 or so per barrel price (in today's inflated dollars) that was reached nearly a quarter of a century ago. But it's high enough to put a dent in consumers' wallets and impede economic growth. It's making everyone very nervous. It's even leading Democrats to demand once again that the Bush administration stop filling the nation's Strategic Petroleum Reserve. That would be a mistake. The reserve is meant to provide an emergency stockpile in the event that U.S. oil supplies are cut off. Using the reserve to attempt to mitigate high prices didn't work very well when former President Bill Clinton tried it and wouldn't work if President Bush tried it. The worldwide oil market is being driven by factors that, at least in the short term, are beyond the control of the U.S. government. Posted by: Mark Espinola 2004-08-13 |
| http://www.rantburg.com/poparticle.php?ID=40533 |