Tuesday, May 13, 2008

Oil Reserves

The Senate voted 97-3 to suspend the purchase of oil for the Strategic Petroleum Reserve. The Bush administration wants to continue filling the reserve to capacity, it is currently at 97% of capacity. The reserve was established to maintain supply in case of another shortage.

Oil isn't getting cheaper in the immediate future, it could be cheaper to keep buying it now. The Senate seems to believe that the demand induced by increasing the reserve would be more harmful to our economy.

The price of oil is political and not economic, so says keepkalm. We have record gas prices and record profits for the oil companies, why haven't these people been drug out into the street?

Oh yeah, they all moved to Dubai.

Senate votes to halt oil reserve shipments

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