During the course of the Obama Administration under Energy Secretary Steven Chu, the Department of Energy has almost totally abdicated its responsibility to the day-today consumers of energy. But the latest news of its flubs goes even beyond that.
Finally, President Obama has done what he should have done long ago, and what he promised he would do during his campaign. He is releasing 30 million barrels of oil and sending the speculators running for the hills.
Certainly the benefits and risks inherent in a nuclear energy program are enormous. But such a program is important for the nation's future when all is said and done, in spite of the current reaction to events in Japan.
We need our president to act on behalf of all Americans to counter and bring to heel the massive influence, lobbying power and money of the oiligopoly. The president does not seem to understand what is happening at the gas pump.
How fortunate we are to have two Nobel Laureates bringing their prestige to matters relevant to oil markets. They instruct us on matters of oil pricing and get it dangerously wrong while we pay at the pump.
OPEC is prepared to do little or nothing to help reduce the current level of oil prices. Their lack of willingness to hold the price at moderate levels gives the speculators a one way bet on ever higher prices.
At $80 a barrel, an excess of one billion dollars a day is being lifted from the pockets of the American consumer through higher gas prices, heating bills, lost jobs because of higher industrial feed stock costs.