This week in Washington another house committee on power debated the pros and cons of releasing some or the entire strategic petroleum reserve to assist lower fuel costs. Rep. Markey (D-Ma) presided over a panel of consultants from shopper advocacy, MIT Vitality Research fellows, and others who floated varied ideas from suspension of gas taxes to switching expensive gentle crude for inexpensive heavier crude reserves. Intentions are to provide a short lived cost reduction in gas costs as was achieved in the 1980’s under a similar release of strategic reserves, With between 50 and 75 million barrels of oil in US strategic oil reserves, worth relief can be brief lived but would ship a message to OPEC and others that the US shouldn’t be pleased with current high prices in the market.
Unfortunately, with the extreme demand for oil from growing nations together with China and India, US affect over oil production and pricing continues to erode. Will Bush and his Huge Oil cronies allow this measure to impression quick term oil firm earnings? Most can predict the way the wind will blow on this decision.
Curiously sufficient, Biofuels, long thought of to be on the fringe of US vitality provide are more and more accepted in calculations of energy resources we’re in truth depending upon increasingly. This hearing, as soon as once more, banged the gong of our energy emergency, the necessity for extra energy independence and the hope for a miracle in the brief future by know-how, drilling in US territory equivalent to Anwar or speedy deployment of other energy alternate options.