This week in Washington another home committee on power debated the professionals and cons of releasing some or all of the strategic petroleum reserve to help decrease fuel prices. Rep. Markey (D-Ma) presided over a panel of specialists from client advocacy, MIT Power Research fellows, and others who floated various ideas from suspension of gas taxes to switching expensive mild crude for cheaper heavier crude reserves. Intentions are to offer a brief price discount in fuel prices as was completed in the 1980’s below a similar launch of strategic reserves, With between 50 and seventy five million barrels of oil in US strategic oil reserves, worth relief could be brief lived however would send a message to OPEC and others that the US is just not proud of present excessive prices in the market.
Sadly, with the extreme demand for oil from developing nations together with China and India, US influence over oil manufacturing and pricing continues to erode. Will Bush and his Huge Oil cronies allow this measure to impression short time period oil company profits? Most can predict the best way the wind will blow on this determination.
Interestingly sufficient, Biofuels, lengthy considered to be on the fringe of US vitality provide are more and more accepted in calculations of vitality assets we’re in truth depending upon increasingly. This hearing, as soon as once more, banged the gong of our energy emergency, the need for extra power independence and the hope for a miracle in the brief future by way of expertise, drilling in US territory akin to Anwar or fast deployment of other energy alternatives.
