Thursday, October 21, 2004 6:47:14 PM
This is an interesting issue but I think as usual what is reported misses the most salient points. Even if we drilled more oil and the Saudis (if they could) upped production--debatable as I think they are pretty much maxing out--no more oil would make it to market because of the structural issues that occur between drilling and gas pump. Refining capacity is nowhere near demand and won't change for awhile; also a shortage of light crude (mostly what we need, not the Saudi heavy crude), etc. There is maybe a 10-15% speculative bubble on prices but given these other issues that won't go away for a long time, I don't think Bush could make much of a dent in that bubble even with the SPR. So I think he's right on to treat it as a truly strategic asset. Clinton of course would have tapped it anyway because momentary election concerns would always have been paramount--although it worked out well enough last time, it wouldn't do much this time.
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