A whole bunch of Senators and Congressmen have been prodding the Obama administration to release a part of the Strategic Petroleum Reserve in order to counteract recently rising prices of crude oil and refined gasoline and heating oil.
While President Obama decides whether or not to tap into the Strategic Petroleum Reserve, here are some songs to play at the pump to help lower your own personal misery index at least a few cents at a time.
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.
The looming economic crises caused by the massive jump in oil prices must certainly be classified a national emergency. But there is an easy way to avoid that -- as long as our leaders ignore the oil lobbyists.
Commentators today are repeatedly referring to the level of oil reserves held by the Libyan oil fields, projecting concerns that these reserves are in danger of being cut off from the world market. That concern is spurious to say the least.
To date the president has barely dealt with the oil price malignancy threatening to destabilize the feeble economic recovery he has sponsored to date. It's time for him to act on his campaign promise in this regard.
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.
Clinton, in her recent tour to Southeast Asia suggested clearly that the United States might well extend a "defense umbrella" protecting its Arab allies should Iran develop a nuclear weapons capability.
What is the Strategic Petroleum Reserve for if not a situation such as this? But don't count on this administration to do anything to contain the price of oil and thereby bring consternation to their cronies in the oil patch.