Just heard a report on MSNBC that President Bush is cannot make up his mind whether to tap the 700 million gallon strategic oil reserve in the wake of Hurricane Katrina.
The oil reserve is there to be used in emergencies. Are we to believe that the president cannot decide whether the loss of dozens of lives, thousands of homes and multiple millions of dollars in infrastructure caused by the hurricane should be classified an “emergency?”
With gas prices already running from $2.50 to more than $3.00 per gallon across the country, the fact that the storm has also crippled the oil industry in the Gulf of Mexico will undoubtedly cause the cost of gasoline to spike even higher. Gasoline pushing toward $5.00 a gallon could put the economy into inflation – which all of us non-millionaires would definitely consider to be an “emergency.”
This president makes decisions solely on politics and ideology, so what would the political and/or ideological downside of tapping the oil reserve?
Paying more for gas would hurt – and anger – his base, so that would seem to be a no-brainer. Maybe what is holding him back is the fact that releasing the emergency oil might hold gas prices down to $3.00 a gallon, which would displease the fatcats who run the oil companies and fund the Republican Party.