Domestic Oil Crisis

"The only thing standing between the American people and these vast oil resources is action from the U.S. Congress." -- President George Bush (on lifting an executive order banning domestic off-shore oil drilling)

One of my questions is why has it taken so long for him to get around lifting this executive order? Nearly finished with eight years as President, and he now decides to take a lead in domestic oil production. I am glad you lifted the ban, Mr. President, but why did you wait all this time?

Similarly, the Republican party is going nuts about Democrats obstructing domestic oil production. Again, I'm glad that they are holding Democrat feet to the fire, but it has not been too many years ago when the Republicans were the majority part in Congress. Where was your leadership then? Why did you wait all these years, and lose your majorities to boot, before shedding your crocodile tears all over the place?

Yeah, the Republican party has messed up, but that still does not mean that Democrats should be given carte blanche allowance to run roughshod over Americans with their debilitating energy policies (or, more accurately, energy non-policies). As usual, the Democrat response to financial crisis is... raise taxes! Now it even appears that they want to raise taxes on our diesel & gasoline - all at a time when market pressures have raised oil prices to historic levels. By the way, here's a dirty little secret: when market pressures subside, the market price of oil will drop! Taxes won't.

*****

Including state and local levies, people in the U.S. pay about 47 cents on average in taxes for a gallon of gasoline. Fuel in many European countries costs $8 to $9 a gallon, with half or more of that going to taxes. FOX news 7/20/2008

*****

Well, there's certainly another reason to want to be like Europeans. I'm convinced... yeah, right.

In addition to their raise-the-tax solution, Democrats of course parade their favorite targets for high energy prices: oil companies & speculators. Here's the other dirty little secret, Congress: take away the market reasons for upward price pressure - that would be increasing supply - and those same evil, wicked, mean, and nasty speculators will be driving down the price of oil. Duh! How do you do that? Allow domestic exploration, drilling, & production.

Drill here, drill now!