Wednesday, June 18, 2008

OFFSHORE DRILLING

With oil prices at a crippling 139$ a barrel and gas prices reaching 4$ a gallon, the nations energy policy's are destined to be one of the major issues during the 2008 presidential election. Today George Bush urged the congress to end the federal ban on offshore drilling, stating that it would "lower gas prices" and "stringent our national security". What is Georgie talking about?

First of all, one of the reasons we see these record oil prices is the weak dollar. Oil is bought and sold in dollars, so a devalued dollar gives you cheaper oil, which then again increases demand, and leads to higher oil prices. Considering that China is pumping out an annual 10% growth in GDP, the most popular girl in class just got elected prom queen. Everybody wants to get their piece of the action. So who ripped the dollar in half? You George :) You and your war buddies.

If it wasn't for your naive belief in the free markets leading to the credit crunch we see today, and your war in Iraq tagged at a daily $341 million, the dollar wouldn't be so wimpy and the demand for oil wouldn't be so off pist.

George Bush wants to lower gas prices by drilling for more oil. But how does it involve national security? Is it because the war in Iraq needs more lubricant? And without the war, America would be in great danger?

Why can't you just adapt like the rest of the western world and explore alternative energy sources? Why don't you give benefits to owners of hybrid/electrical cars?

Georges attempt to get rid of the ban was quickly supported by the republican presidential candidate with Obama opposing the proposition. Let's just hope John and Jane Doe can see the real reason behind the staggering gasoline prices. Let's hope this isn't going to give the republicans an upper hand in the November election.

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