It seems that Nancy Pelosi (with her single digit approval rating) has gone completely off the deep end and decided that she need not use logic for her arguments.
In a letter to President Bush on July 8th she says "
Since your Administration took office, the price of oil has increased from less than $30 per barrel to a recent record high of nearly $150, and the price of gasoline has risen from $1.47 per gallon to a record high of $4.11 per gallon.
In the Face of Rising Prices. In late 2000, President Bill Clinton authorized a swap of oil in which 30 million barrels were released from the SPR to address rising oil prices and alleviate the threat of a home heating oil crisis due to low inventories. The MIT expert testified: Ã¢â‚¬Å“The results were immediate, in spite of the fact that oil prices had not yet moved into the market - demonstrating the psychological impacts on the market when the U.S. signals its intention to act. . . By the end of the year, actual oil prices had dropped from $30.94 to $20.38 per barrel, a 34% decrease.Ã¢â‚¬Â
 2005 Hurricane Katrina, Drawdown. Your Administration also offered 30 million gallons of SPR oil (only 11 million gallons were actually withdrawn), helping reduce crude prices by about $5 a barrel.
Whats she saying? Increasing the supply will decrease the price of Crude and its processed products.
In a Press release on July 8th she says "
The Bush plan is a hoax. It will neither reduce gas prices nor increase energy independence. It just gives millions more acres to the same companies that are sitting on nearly 68 million acres of public lands and coastal areas.
"If the President wants to bring down prices in the next two weeks, not the next two decades, he should free our oil by releasing a small portion of the more than 700 million barrels of oil we have put in the Strategic Petroleum Reserve.
Now, a SPR release would hit the pumps in 2 weeks. However as she admits, investors bet on the future. 70 million barrels will decrease the pump price slightly, but only for a very limited time. the US uses 20 million barrels of crude a day.
Investors bet on the future right Pelosi? Well what do you think would happen if the investors were told that we were opening up vast untapped fields to drill? The price of oil would drop like a rock. Also, the oil from these fields would not take 1 or 2 decades as she implies to reach the market, but rather 6 months to 1 year.
As she admits, the markets bet on the future, so give them something to bet on. When Bush lifted the presidential order, Oil dropped like a rock. When the drilling bill failed, oil went up.
Its time for Pelosi and the Democrats to stop playing games with their rhetoric and release the fields. Or even better, its time to let the republicans take over again. Ya know, people who have better than a single digit approval rating.
A good summary