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Post details: Oily Solution

Oily Solution

One of the greatest mysteries of this Universe is how on Earth does the Congress of the United States prioritize its agenda.

Here is an example. Most of the Americans think that the country is heading in the wrong direction: our road to prosperity has been littered with financial IEDs, we have the most severe housing slump since the Great Depression, the credit crisis rocks the banking boat, Nature makes it painfully clear that global warming is more than a figment of Al Gore's imagination and our infrastructure is in need of a major overhaul - at least here in DC, where every little summer storm wreaks unimaginable havoc to our power grid. Yet with all these issues looming over them, our congressfolks think that spending taxpayers' money on probing the world of sports is pretty cool.

Senate wasted endless hours investigating the baseball steroid scandal and grilled Roger Clemens for hours to see what kind of stuff he injected into his body. The House didn't lag behind for too long and launched its own hearings into alleged signal spying of New England Patriots. Sure, it had be lots of fun to talk personally to Bill Belichick about his reconnaissance style, but is this issue really the hottest potato on the constituent's plate?

Last week the price of crude oil reached $135. The election day being less than half a year off, I thought: "Hey, what an opportunity for our elected representatives to stop dilly-dallying and get down to some real business". And there was no dearth of possibilities for a decisive course of action.

They could end subsidizing compulsive speculators on the Wall Street, whose well heeded calls for bail outs are greatly contributing to the sliding dollar. Paying other nations for an increasingly scarce commodity by a currency which is being constantly diluted is just forcing them to ask for more and more of the progressively worthless money. But if the Fed could find the balls to prop up the ailing dollar, the energy gamblers would soon learn that their crude casino is not as generous as they are becoming accustomed to.

They could stop the war in Iraq and significantly reduce our military presence overseas. The day I learned that Abrams Tank slurps about 4 gallons per mile was the day I understood why the US military is the largest oil consumer in the whole world. And then there is the secondary effect of our military maneuvers in the oil rich Middle East. If someone thinks that waging wars among oil derricks is going to bring the price down, they should think again.

They could also support manufacturers willing to produce more energy efficient cars, or even dust off the plans for the electric car, which disappeared under rather unexplained circumstances years ago. They could make a realistic analysis of the world's energy supplies and stop hiding behind ethanol fantasies, whose only real impact so far had been a side bubble in food commodities. They could focus on developing and supporting alternative energy sources and help to alleviate our suicidal dependence on foreign oil. Anything to take some burden off of fossil fuels would help.

Full of hopes I sank my eyes in Yahoo!News to see what line of attack would our legislative quarterbacks choose. And here it is straight from the horse's mouth: "The House of Representatives overwhelmingly approved legislation on Tuesday allowing the Justice Department to sue OPEC members for limiting oil supplies and working together to set crude prices, but the White House threatened to veto the measure."

Bravo! Way to go, boys and girls. Let's sue independent countries for not wanting to sell us THEIR oil for the price WE want. Is it no longer the case that every nation can use their finite natural resources as they see fit? And if all the OPEC countries want to extract exactly 1 barrel of oil per day and then sell it on eBay for exactly 1 million bucks, isn't it their right?

On the other hand, I have to commend the Congress for utilizing America's #1 natural resource: the endless legions of legal warriors. You may not find this in the UN Geological Survey Almanac, but the US has the world's largest proven reserves of lawyers. With their ranks fully mobilized, the future undoubtedly will be interesting. And so will the oil futures.

oil

Comments:

Comment from: Lucky [Visitor]
Well stated!
Permalink 07/11/08 @ 01:29

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