McCain on reducing oil prices


	McCain on reducing oil prices

deb2012

4-17-2008 7:31 AM

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tags:

politics, energy

deb2012 says:

author says strategic petroleum reserve orders by Bush increase prices at the pump

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4-17-2008 10:49 AM

willhelm

Of course! I hadn't even considered that. Bush ordered the strategic oil reserves be doubled during his State of the Union Address in 2007.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/233e9154-5ce5-48ae-be43-8fe70778ca7c/7D1F111E-48D6-475A-B91C-CD8A39D7EB8B/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.cato-at-liberty.org/2008/04/15/attention-sen-mccain-moderation-in-the-pursuit-of-tax-and-spending-cuts-is-no-virtue/" href="http://www.cato-at-liberty.org/2008/04/15/attention-sen-mccain-moderation-in-the-pursuit-of-tax-and-spending-cuts-is-no-virtue/" style="font-size: 11px;">www.cato-at-liberty.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cato-at-liberty.org/2008/04/15/attention-sen-mccain-moderation-in-the-pursuit-of-tax-and-spending-cuts-is-no-virtue/"><P>Reporters are lighting up my voice mail and inbox with queries about what I make of Sen. John McCain’s <A href="http://www.johnmccain.com/Informing/News/Speeches/Read.aspx?guid=9bb4e69a-36cc-4ca3-b40d-0cdd41a1b812" target="_blank">call today</A> for suspending SPR fill orders and the federal gasoline tax from Memorial Day to Labor Day in a bid to get gasoline prices down. Color me tepid.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cato-at-liberty.org/2008/04/15/attention-sen-mccain-moderation-in-the-pursuit-of-tax-and-spending-cuts-is-no-virtue/">John McCain is absolutely correct to blame the SPR for helping to drive-up world 
crude oil prices</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cato-at-liberty.org/2008/04/15/attention-sen-mccain-moderation-in-the-pursuit-of-tax-and-spending-cuts-is-no-virtue/">John McCain of all people should know that federal gasoline tax revenues are 
steroids for localized pork and special-interest subsidy</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cato-at-liberty.org/2008/04/15/attention-sen-mccain-moderation-in-the-pursuit-of-tax-and-spending-cuts-is-no-virtue/">A short term moratorium on taxes, however, <A 
href="http://query.nytimes.com/gst/fullpage.html?res=9B04EEDF1E3BF936A25750C0A9669C8B63&amp;sec=&amp;spon=&amp;pagewanted=all" 
target=_blank>would probably have little impact on pump prices</A>. </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cato-at-liberty.org/2008/04/15/attention-sen-mccain-moderation-in-the-pursuit-of-tax-and-spending-cuts-is-no-virtue/">Oil economist Phil Verleger, for instance, thinks that federal fill orders for 
the SPR has <A 
href="http://www.pkverlegerllc.com/PKV%20December%20Senate%20Testimony.pdf" 
target=_blank>driven up the price of crude</A> by at least $10 a barrel and 
perhaps as much as $30.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.cato-at-liberty.org/2008/04/15/attention-sen-mccain-moderation-in-the-pursuit-of-tax-and-spending-cuts-is-no-virtue/">Now’s a good time to dump the all federal inventories on the market and <A 
href="http://www.cato.org/pub_display.php?pub_id=5197" target=_blank>shut the 
SPR down</A> once and for all.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/7D1F111E-48D6-475A-B91C-CD8A39D7EB8B/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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