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May 14, 2008

FUEL WATCH 08: Congress Says, Stop Stockpiling Oil

Filed under: News, Fuel Watch — Rick Seaney @ 11:41 am

This is the first in a series of reports on the soaring cost of oil; check back here each week for more “Fuel Watch 08″ specials and exclusives

This week, Congress voted overwhelmingly to order the White House to stop depositing oil in a national reserve. The reserve has been getting 70,000 barrels a day.

That’s the proverbial drop in the bucket since Americans have been going through about 20-million barrels a day. But to many in Congress (the measure passed 97 to 1) it’s a gesture to constituents who are getting burned at the pump.

It’s a gesture alright, according to Rep. Joe Barton — a meaningless gesture.

“If all the members of the House would go out onto the steps and clap our hands three times and say, Down prices, down prices,’ that would have as much impact as passing this bill.” — Rep. Joe L. Barton

2 Comments »

  1. When Pres. Clinton was in office and stopped purchasing for the oil reserves, the prices dropped substantially!
    In addition, if prices are being driven by demand…how come I can get gas anytime anywhere, with no lines and no rations? Does anybody remember the lines of the ’70’s?

    Comment by Jennifer — May 24, 2008 @ 10:43 am

  2. If you can remember the 70’s, you weren’t there……. Or was that the 60’s???????

    Comment by Mike — May 27, 2008 @ 9:38 pm

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