The Washington Post
June 5, 2008
Editor’s Note: Can we believe a guy who was so dishonest as to have used a briefing book pilfered from Jimmy Carter to coach Ronald Reagan for the debates and then not say a word about it? George Will, “conservative,” in the column below, published in the CIA’s favorite newspaper, tells us high gas prices are the fault of the Democrats because they will not allow oil drilling in Alaska’s Arctic National Wildlife Refuge and because of this you deserve your trip to the poor house. As Mr. Will knows — or maybe he does not — this argument is a load of BS: the reason for high oil prices has nothing to do with supply, it has to do with the devulation of the dollar, thanks to the Federal Reserve, as in Federal Express. But then George has his, so what the hey. Meanwhile, as you’re going through the sofa looking for spare change to fill up the tank, George will be attending a Nationals-Cardinals game.
Rising in the Senate on May 13, Chuck Schumer, the New York Democrat, explained: “I rise to discuss rising energy prices.” The president was heading to Saudi Arabia to seek an increase in its oil production, and Schumer’s gorge was rising.
Saudi Arabia, he said, “holds the key to reducing gasoline prices at home in the short term.” Therefore arms sales to that kingdom should be blocked unless it “increases its oil production by one million barrels per day,” which would cause the price of gasoline to fall “50 cents a gallon almost immediately.”
Can a senator, with so many things on his mind, know so precisely how the price of gasoline would respond to that increase in the oil supply? Schumer does know that if you increase the supply of something, the price of it probably will fall. That is why he and 96 other senators recently voted to increase the supply of oil on the market by stopping the flow of oil into the Strategic Petroleum Reserve, which protects against major physical interruptions. Seventy-one of the 97 senators who voted to stop filling the reserve also oppose drilling in the Arctic National Wildlife Refuge.
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