A way to keep gas prices down

Spurred on by Internet traffic, some folks skipped buying gasoline one day this week in hopes of sending a message of outrage to the oil companies about skyrocketing prices.

It was a futile effort, of course, because the same folks had to buy gasoline on other days of the week and didn’t reduce the nation’s appetite for fuel.

But maybe — just maybe — someone at the White House was paying attention.

And maybe — just maybe — with an election in November, someone will point out to President Bush that he has a simple tool at his disposal which would quickly bring gasoline prices back to earth.

We’re talking about the Strategic Petroleum Reserve, which was created back in the 1970s to help the nation through exactly the sort of situation we’re now faced with.

Right now, that huge taxpayer-purchased reserve amounts to 660 million barrels of oil. You read that right, 660 million barrels. At full capacity, the reserve would total 700 million barrels.

So, with the nation at war, the economy still limping, and oil prices threatening to derail any recovery, one would think that tapping the Strategic Petroleum Reserve might be a good idea.

Some Democrats in the Senate think so.

This week they urged the president to release as much as 60 million barrels into the world’s supply to bring prices down.

That might be too much, but it’s worth discussing what sort of number balances prudence with the immediate needs of the country.

So far, however, that discussion isn’t taking place.

Instead, the Bush administration is continuing to add to the reserves. It’s buying 177,000 barrels of oil a day for the stockpile.

That’s right.

Our continued build-up adds to the demand which is pushing prices higher.

Surely, there’s someone in the White House who recognizes that makes for lousy economics and even worse politics.

If there isn’t, then there may be a new occupant next year. — J.R.[[In-content Ad]]